Deals & People September 18, 2007

AIG Names New Head of Operations for Advisor Group

AIG Retirement Services Inc. has announced Randall W. Epright has been appointed Executive Vice President and Chief Operating Officer of AIG Advisor Group, and Senior Vice President, Operations and Systems, for AIG SunAmerica Asset Management Corp (AIG SAAMCo).
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In his new role, Epright will be responsible for all operations and technology functions for AIG’s broker/dealer and mutual fund businesses. The combined responsibility for both operations and technology will translate into a more focused and responsive delivery system for the company’s businesses, AIG said.

Epright joined AIG in 1995 in the company’s foreign general insurance division. He came to SunAmerica in 1999 as Executive Vice President and Chief Information Officer. In 2002, Epright was named Senior Vice President and Group Chief Information Officer of AIG Retirement Services (AIGRS) following the integration of the retirement services businesses of AIG, SunAmerica, and American General. He was named to the additional post of Chief Operations Officer, AIGRS, in 2006.

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Lillian Caliman has been appointed Senior Vice President and Chief Information Officer of AIGRS. In her new role, she will assume responsibility for the technology function across all AIGRS companies, including application programming, data centers, risk management and the program management office.

Caliman joined SunAmerica in 1996 as Vice President, Information Technology. Most recently, she served as Senior Vice President and Divisional CIO, Information Technology, for AIG Annuity and AIG VALIC. Previously, she served as Senior Vice President, Information Technology, AIG SunAmerica.

Products September 18, 2007

Financial Advisors Legal Association Rolls Out Errors and Omissions Insurance

Financial Advisors Legal Association, a national industry defense and education provider for financial professionals, has announced the rollout of a comprehensive errors and omissions insurance policy designed specifically for individual financial professionals, broker/dealer and registered investment adviser (RIA) firms.
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Financial Advisors Assurance Select covers arbitrated claims initiated by individual clients at $1 million per claim – $2 million in the aggregate, the announcement said. Additional policy benefits include risk management and loss control programs. The policy covers all the products and services represented by financial professionals.

Fees are $2,345 for the first year, then $1,845 per year for subsequent years. Deductibles are two tiered – $2,500 for defense and $10,000 in the event of settlement. Reserves are insured by Lloyds of London syndicates all “A’ rated.

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Broker/dealer and registered investment advisory firms are co-insured under the individuals licensed under the firm and pay no premium. However, firms are required to pay a one-time fee of $100 per insured rep to gain the co-insurance benefit.

Errors and omissions insurance is designed for the individual financial professional and is completely portable, even into retirement. The coverage protects against arbitrated claims from individual clients and their heirs.

For more information about Financial Advisors Assurance Select, visit www.falegal.com or contact Robin S. Mills at 800-261-0633.

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