$92 billion ING Group has hired Michael Smith as the chief financial officer and chief insurance risk officer for the U.S. Annuity business. In this role, he will be responsible for all financial and actuarial functions in ING U.S. Annuity.

ING recently announced a transition of its current Retail Annuity business. Later this year, it will introduce simpler, lower-cost products with a strong focus on the fast-growing IRA rollover market.

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Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...