Last Lap in SEC RILA Rulemaking Critical Unresolved Issues -
Congress directed the SEC to adopt a new registration statement for registered indexed annuities (RILAs) by the end of June. Several months ago, the SEC...more
5/29/2024
/ Artificial Intelligence ,
Broker-Dealer ,
CFTC ,
Climate Change ,
Cybersecurity ,
Disability Discrimination ,
Disclosure Requirements ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
NLRB ,
Private Equity ,
Private Funds ,
Private Placements ,
Proposed Legislation ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Whistleblower Protection Policies ,
Whistleblowers
The NAIC groups working on illustration issues reported little activity at the 2021 NAIC Summer National Meeting.
The Life Insurance Illustration Issues (A) Working Group’s (Life Illustration WG) charge has been to...more
The NAIC Virtual Summer National Meeting marked that it is time to get back to school for a number of annuity and life disclosure and illustration initiatives. Both regulators and insurers will need to sharpen their pencils...more
On December 30, 2019, the Life Insurance and Annuities (A) Committee approved a revised Suitability in Annuity Transactions Model Regulation (Revised Suitability Model), ending a flurry of activity over the past year....more
2/11/2020
/ Annuities ,
Best Interest Standard ,
Conflicts of Interest ,
Consumer Insurance Products ,
Disclosure Requirements ,
Duty of Care ,
Insurance Regulations ,
Life Insurance ,
NAIC ,
Required Documentation ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Suitability Rule ,
Supervisory Guidance
Ohio Department of Insurance Director Jillian Froment, the new chair of the Annuity Suitability Working Group (Working Group), invited regulators and interested parties to build the required standard of care foundation for...more
On June 5, 2019, the SEC adopted a four-part regulatory package that includes: new Regulation Best Interest (Reg. BI), the related “Relationship Summary” disclosure form (Form CRS), and two interpretations of the Advisers...more
7/12/2019
/ Best Interest Standard ,
Broker-Dealer ,
Consumer Insurance Products ,
Disclosure Requirements ,
Duty of Care ,
Duty of Loyalty ,
Fiduciary Duty ,
Form CRS ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
New Rules ,
Regulation Best Interest ,
Regulation BI ,
Retail Investors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Transactions ,
Standard of Conduct
The NAIC’s Annuity Disclosure Working Group and IUL Illustration Subgroup continue to chalk out changes to the Annuity Disclosure Model Regulation (Model) and Actuarial Guideline 49 (AG 49) to address index product...more
7/12/2019
/ Annuities ,
Disclosure Requirements ,
ETFs ,
Financial Indices ,
Financial Services Industry ,
Life Insurance ,
Loans ,
NAIC ,
Regulatory Oversight ,
Regulatory Requirements ,
Working Groups
States continue to puzzle together the duty of care financial professionals owe, or disclosures financial professionals make, to consumers. Ideally, states would ensure that the pieces fit together. However, as reflected in...more
On October 22 and 23, the NAIC Annuity Suitability (A) Working Group (Suitability WG) held an interim meeting to review comments received on the Suitability in Annuity Transactions Model Regulation (Model 275) (Suitability...more
10/29/2018
/ Annuities ,
Best Interest Standard ,
Conflicts of Interest ,
Disclosure Requirements ,
Employee Benefits ,
Fiduciary Duty ,
Financial Services Industry ,
Insurance Investment Products ,
Insurance Regulations ,
Life Insurance ,
NAIC ,
Securities Transactions ,
Suitability Requirements
On May 31 and June 1, several teams competed over proposed revisions to the Suitability in Annuity Transactions Model Regulation (#275) (Suitability Model) at the in-person meeting of the National Association of Insurance...more
EXPECTFOCUS® is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A.
...more
5/1/2018
/ Best Interest Contract Exemptions ,
Best Interest Standard ,
CAFA ,
Class Action ,
COI Rates ,
Corporate Governance ,
Cryptocurrency ,
Cybersecurity ,
Data Breach ,
Disclosure Requirements ,
Elder Abuse ,
Failure To Pay ,
Fiduciary Rule ,
Life Insurance ,
NAIC ,
Securities and Exchange Commission (SEC) ,
Statute of Limitations ,
TCPA
Annuity Illustration Standard Changes: On March 2, the Annuity Disclosure (A) Working Group of the National Association of Insurance Commissioners agreed to recommend the adoption of a revision to the NAIC’s Annuity...more
States are stampeding to impose additional duties on those who provide financial advice or make recommendations to consumers. Some of these initiatives result from the states’ belief that action is required to wrangle...more
4/16/2018
/ Disclosure Requirements ,
Fiduciary Duty ,
Financial Services Industry ,
Insurance Industry ,
Investment Management ,
Legislative Agendas ,
Life Insurance ,
Proposed Legislation ,
Public Comment ,
Regulatory Oversight ,
Regulatory Standards ,
State and Local Government
New York’s Department of Financial Services decided to bid farewell to 2017 and ring-in the new year by proposing to amend Suitability in Annuity Transactions, 11 NYCR 224 (the Annuity Suitability Rule). On December 27, 2017,...more
1/2/2018
/ Annuities ,
Best Interest Contract Exemptions ,
Consumer Financial Products ,
Disclosure Requirements ,
Fiduciary Rule ,
Financial Services Industry ,
Insurance Industry ,
Investment Management ,
Life Insurance ,
NAIC ,
NYDFS ,
Proposed Amendments ,
Regulatory Standards ,
Suitability Requirements ,
Suitability Rule
In This Issue:
IN THE SPOTLIGHT -
- Your Data Breach Collided With My Personal Injury Coverage
LIFE INSURANCE -
- Phantom Injury Dooms “Shadow Insurance” Case
- Latest NAIC Cybersecurity News...more
10/8/2015
/ Administrative Law Judge (ALJ) ,
AIG ,
Auto Body Shop ,
Bailout ,
Banking Sector ,
Banks ,
Big Data ,
Breach Notification Rule ,
Class Action ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CT Supreme Court ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Security ,
Department of Labor (DOL) ,
Derivative Suit ,
Disclosure Requirements ,
Disparate Impact ,
EB-5 ,
Fair Housing Act (FHA) ,
FFIEC ,
Fiduciary Duty ,
Financial Institutions ,
Foreclosure ,
Healthcare ,
Insurance Industry ,
King v Burwell ,
Life Insurance ,
Mortgage Servicers ,
Mutual Funds ,
NAIC ,
Online Advertisements ,
Ransomware ,
Reassigned Phone Numbers ,
Regulation A ,
RI Supreme Court ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Standing ,
TCPA ,
Telecommunications ,
Treble Damages ,
Whistleblowers
On March 19, the Georgia Office of Insurance and Safety Fire Commissioner (the "Department") issued Bulletin 15-EX-1 (the "Bulletin") to clarify Georgia's required variable annuity sales disclosures. This guidance follows the...more
On December 29, the Florida Department of Financial Services (FDFS) published Proposed Rule 69B-215.090 (the "Proposed Surrender Disclosure Rule") setting forth the disclosures required when a surrender of any cash value life...more