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Annuities Financial Services Industry

Carlton Fields

Expect Focus - Volume III, September 2023

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Regulators Hit Jackpot: Off-Channel Communications - Several years before announcing the first “off-channel” communications enforcement action, the SEC and FINRA cautioned broker-dealers and investment advisers about...more

Carlton Fields

New York Department of Financial Services Plays Pit Boss for Consumer Protection

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Worried that the cards may be stacked against certain consumers and producers, the New York Department of Financial Services (DFS) released a circular letter and filing guidance note on July 17 to remind insurers of their...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #80: Compliance with PTE 2020-02: Insurance Distribution Issues (Part 2)

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - Key Takeaways - ▪️ The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. ▪️ In FAQ 18, the DOL...more

Carlton Fields

States Spring Into Action With Best Interest Rules for Annuities

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In February 2020, the NAIC approved revisions to the Suitability in Annuity Transactions Model 275, adopting a four-part best interest obligation, including the following obligations: care, disclosure, conflict of interest,...more

Carlton Fields

Not Quite Across the Suitability Finish Line

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While everyone may be growing weary, the work to revise the state insurance standard of care for annuity transaction recommendations is not quite finished. ...more

Carlton Fields

Out of the Gate Fast

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Arizona jumped out front of the pack with the introduction of Senate Bill No. 1557, titled "Annuity Transactions; Requirements," which would amend Arizona's suitability requirements for annuity transactions. Senate Bill No....more

Troutman Pepper

Investment Management Roundtable Discussion – Personal Estate Planning

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Gregory J. Nowak, a partner and practice leader for hedge funds in Pepper Hamilton’s Private Fund Services Practice Group, hosts a series of candid, interactive webinar discussions for West LegalEdcenter on what is going on...more

Faegre Drinker Biddle & Reath LLP

403(b) and 457(b) Plans Going Under the Regulatory Microscope

It appears that the SEC has initiated a “sweep” examination to inquire into the sales practices applicable to retirement plans for teachers and state and local government employees. We understand that multiple SEC regional...more

Carlton Fields

Defendants Fend Off Challenge to FIA’s Proprietary Index

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The End or the Beginning for Suits Over Disappointed Index Interest Expectations? Security Benefit Life Insurance Co. and Guggenheim Partners recently secured an important victory in a class action challenging a fixed...more

Carlton Fields

Innovation Whack-a-Mole

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Like a game of whack-a-mole, new or existing NAIC groups are being tasked to consider the various regulatory issues that are popping up from insurance innovation....more

Carlton Fields

Annuity Suitability Working Group Tries to Get Out of the Parking Lot

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The NAIC Annuity Suitability Working Group (Suitability WG) spent the summer at the July 23, July 29, and August 3 Suitability WG meetings trying to get out of the parking lot and discussed several issues to frame up the...more

Carlton Fields

Changes to the Index Product Illustration Requirements Are No Child’s Play

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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

Carlton Fields

Is It Time To Harvest The NAIC Suitability In Annuity Transactions Model Regulation?

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At the NAIC Fall 2018 National Meeting, state regulators continued plowing through the Suitability in Annuity Transactions Model Regulation (Model 275) (Suitability Model)....more

Carlton Fields

Suitability Working Group Stirs Ingredients for Suitability Model Potion

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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

Carlton Fields

As Students Return to School, Regulators Continue Their Study of the NAIC’s Suitability in Annuity Transaction Model Regulation

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At the 2018 NAIC Summer National Meeting, regulators continued their efforts to define the standard of care that applies to recommendations. This subject was discussed at both the Annuity Suitability (A) Working Group...more

Carlton Fields

Reinsurer Obtains Summary Judgment in Suit by Annuity Issuer

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Capitol Life Insurance Co. partially prevailed, and partially failed, its effort to overturn unfavorable grants of summary judgment in a recent dispute regarding an annuity policy written by Capitol....more

Locke Lord LLP

Best Interest of the Consumer

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On July 18, 2018 Maria T. Vullo, New York Financial Services Superintendent, announced the adoption of certain amendments to Insurance Regulation 187, which requires insurers to establish standards and procedures for agent...more

Carlton Fields

Expect Focus - Volume II, June 2018

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New York Pushes Mutual Fund Active Share Disclosure - New York’s Attorney General issued a report on its recent investigation of fees charged by actively managed equity mutual funds and a metric known as “Active Share.”...more

Burr & Forman

Is There Anything Left of the Fiduciary Rule?

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The issue over the Fiduciary Rule, and whether it will be implemented, revised, vacated, forgotten, etc. has been ongoing. In March 2018, the Fifth Circuit Court of Appeals ruled in favor of several business groups who...more

Carlton Fields

SEC Regulation Best Interest: Charting A Course For Securities And Annuity Sales, Avoiding Collision And Potential Regulatory And...

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During the past two years, we have written about potential litigation arising under the Department of Labor’s, first proposed, then adopted fiduciary rule. In the first of those articles, when the Rule was initially proposed,...more

Carlton Fields

Several Teams Compete To Reach NAIC Suitability Model Finals

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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

Carlton Fields

Changes To New York Insurance Regulation 187: Are They April Showers Bringing May Flowers, Or Are June Bugs On The Way?

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On April 27, New York's Department of Financial Services (NY DFS) issued its updated proposed First Amendment (Updated First Amendment) to New York's Suitability in Annuity Transactions, 11 NYCR 224 (the Annuity Suitability...more

Proskauer - Employee Benefits & Executive...

Tenth Circuit Upholds DOL’s Authority to Impose New Conditions for PTEs and Leaves Door Open for Changes to Fiduciary Rule

The Tenth Circuit recently affirmed the Department of Labor’s authority to impose new conditions for exemption from prohibited transaction rules with respect to the sale of annuity contracts. The case related to the...more

Carlton Fields

Expect Focus - Volume IV, December 2017

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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

Carlton Fields

Did Santa Give the Insurance Industry a Lump of Coal or a Diamond in the Rough? The Proposed Suitability and Best Interest...

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As reported in our November 28 client alert, the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group (Suitability WG) circulated the proposed Suitability and Best Interest Standard of...more

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