Ann Young Black

Ann Young Black

Carlton Fields Jorden Burt

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Trick or Treat? Halloween Meeting of NAIC's Contingent Deferred Annuity Working Group

During its October 31 conference call, the NAIC's Contingent Deferred Annuity (CDA) Working Group startled issuers and those considering issuing CDAs by reawakening a discussion on whether CDAs should contain nonforfeiture or...more

11/5/2014 - Annuities CDAs NAIC

Florida Modifies Its Annuity Suitability Rule

On October 1, the Florida Department of Financial Services (DFS) amended Florida Administrative Code Rule 69B-162.011, "Suitability and Disclosures in Annuity Contracts – Forms Required" (the Suitability Rule). This amendment...more

10/9/2014 - Annuities Department of Financial Services Life Insurance

Insurer Sues Department of Insurance Over Multi-Million Dollar Penalty

In suing the California Insurance Commissioner on July 10, 2014, PacifiCare Life Insurance Company sought a writ of mandamus ordering the Commissioner to set aside his Decision and Order imposing a record $173 million penalty...more

9/25/2014 - Claims Procedures Decisions Health Insurance Insurance Commissioners Mergers PacifiCare Penalties Standard of Care UnitedHealth Writ of Mandamus

The NAIC Considers a Stable of Issues at the Summer National Meeting

During the 2014 Summer National Meeting, contingent deferred annuities led the way with the most NAIC groups considering the regulation of CDAs. - At the head of the pack was the CDA (A) Working Group, which received...more

9/25/2014 - Annuities CDAs NAIC Reinsurance

Legislation Reforms California’s Insurance Community Investment Program

On September 17, California Governor Jerry Brown signed into law legislation intended to reform the California Organized Investment Network (COIN) program. The COIN program is a partnership among the California Department of...more

9/23/2014 - COIN program Community Development Entities Insurers New Legislation Public-Private Partnerships State and Local Government

Iowa Issues Bulletin on Index Annuity Marketing Materials

On September 15, Iowa Insurance Commissioner Nick Gerhart issued Bulletin 14-02 regarding Insurance Marketing Organizations (IMOs). Bulletin 14-02 sets forth Iowa Insurance Division (IID) concerns with the following index...more

9/18/2014 - Annuities Compliance Marketing

Florida Proposes Rule for Annuity and Life Insurance Surrender Disclosures

On September 4, the Florida Department of Financial Services (the "Department") published a Notice of Rule Development for Proposed Rule 69B-215.090, Florida Administrative Code (the "Proposed Rule") setting out disclosure...more

9/9/2014 - Annuities Life Insurance

Rules Will Allow Issuance of Longevity Insurance in Retirement Plans

On July 1, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final rules excluding qualifying longevity annuity contracts (QLACs) from the required minimum distribution rules (RMD...more

7/9/2014 - IRS Required Minimum Distributions Retirement Retirement Plan

Expect Focus - Volume 1, Winter 2014

In This Issue: - IN THE SPOTLIGHT ..Sixth Circuit Revisits Controversial ERISA Decision - LIFE INSURANCE ..Summary Judgment Victory for Life Insurer in Annuity Class Action ..Favorable Secondary Life Market...more

3/31/2014

Spring Sprouts A Renewed Review By The NAIC

During and after the 2013 NAIC Fall National Meeting, various NAIC groups renewed their review of the regulatory framework for annuities. This review stems from the growing importance of annuities to address longevity risk....more

3/31/2014

The NAIC Considers Whether A New Framework Should Apply To Innovative Annuity Products

The Life Actuarial Task Force's Index-Linked Variable Annuities (A) Subgroup (the "ILVA Subgroup") began a fresh look at the regulatory framework for annuity products. On February 6, it held a call to review its January 15,...more

2/11/2014 - Annuities NAIC Variable Deferred Annuities

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