SEC Prescribes Higher FINRA Gift Limit -
On February 12, 2026, the Securities and Exchange Commission approved an amendment to Financial Industry Regulatory Authority (FINRA) Rule 3220. Rule 3220 prescribes the maximum...more
5/13/2026
/ Books & Records ,
Broker-Dealer ,
CFTC ,
Compliance ,
Corporate Governance ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Employee Retirement Income Security Act (ERISA) ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Gifts ,
Meals-Gifts-and Entertainment Rules ,
NAIC ,
New Regulations ,
Record Retention ,
Recordkeeping Requirements ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Members of the National Association of Insurance Commissioners’ Market Regulation and Consumer Affairs (D) Committee appointed the Market Conduct Regulation Modernization (D) Working Group and adopted its charges at the 2026...more
5/12/2026
/ Consumer Protection Laws ,
Data Collection ,
Insurance Commissioners ,
Insurance Industry ,
Insurance Regulations ,
NAIC ,
National Association of Insurance Commissioners ,
Regulatory Agencies ,
Regulatory Oversight ,
Regulatory Reform ,
State and Local Government ,
State Regulators ,
Training ,
Training Requirements ,
Working Groups
After the Life Insurance and Annuities Illustrations (A) Working Group dissected annuity illustrations, it reported its findings to the A Committee. The working group discovered that the use of high illustrated rates and the...more
5/12/2026
/ Advertising ,
Annuities ,
Compliance ,
Consumer Financial Products ,
Consumer Insurance Products ,
Consumer Protection Laws ,
Data Collection ,
Disclosure Requirements ,
Insurance Industry ,
Insurance Regulations ,
NAIC ,
RegTech ,
Regulatory Oversight ,
Regulatory Requirements ,
State Regulators
After the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability (A) Working Group published its 2025 technical report, aimed at insurers, on “Annuity Best Interest Regulatory Guidance and...more
5/11/2026
/ Best Practices ,
Compliance Monitoring ,
Conflicts of Interest ,
Disclosure Requirements ,
Guidance Documents ,
Insurance Industry ,
Insurance Regulations ,
NAIC ,
National Association of Insurance Commissioners ,
New Guidance ,
Regulatory Oversight ,
Regulatory Requirements ,
Training ,
Training Requirements
Continuing its goal of mapping out the regulatory landscape that would apply to insurers’ use of third-party models and data, the National Association of Insurance Commissioners’ Third-Party Data and Models (H) Working Group...more
5/11/2026
/ Compliance ,
Governance Standards ,
Insurance Industry ,
Insurance Regulations ,
NAIC ,
Pricing ,
Registration Requirement ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management ,
Risk-Based Approaches ,
State Regulators ,
Third-Party Risk ,
Third-Party Service Provider ,
Underwriting
On March 31, Ben Slutsker, chair of the National Association of Insurance Commissioners’ Life Insurance and Annuities Illustration Working Group, made clear that “it is a go” to “address annuity illustrations, and...more
On February 24, 2026, the National Association of Insurance Commissioners’ Life Insurance and Annuities Illustrations Working Group made its debut appearance. As a prelude, Ben Slutsker, director of life actuarial valuation...more
Just before the October federal government shutdown, the SEC staff issued a no-action letter providing some clarity as to when a state-regulated banking or trust institution can serve as a “qualified custodian” under the...more
1/27/2026
/ Banks ,
Cryptoassets ,
Cryptocurrency ,
Custody ,
Digital Assets ,
Financial Institutions ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
New Guidance ,
No-Action Letters ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The National Association of Insurance Commissioners’ (NAIC) Third-Party Data and Models (H) Working Group issued a preview of its breakout single: a proposed risk-based regulatory framework for third-party data and model...more
At the National Association of Insurance Commissioners (NAIC) Fall National Meeting, new updates and activities from various NAIC groups stepped up to the main stage.
Here are the headliners for life insurance and...more
1/13/2026
/ Annuities ,
Artificial Intelligence ,
Big Data ,
Insurance Industry ,
Insurance Regulations ,
Life Insurance ,
NAIC ,
New Guidance ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Management
At the beginning of July, SEC Chair Paul Atkins painted a picture: tokenization was the “next step” in the evolution of securities. Generally, tokenization entails creating a digital representation of a real-world asset —...more
9/3/2025
/ 401k ,
Blockchain ,
Cryptoassets ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Executive Orders ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinTech ,
Investment ,
Life Insurance ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Tokenization ,
Trump Administration
After taking a brief hiatus since the 2024 Fall National Meeting, the National Association of Insurance Commissioners’ Third-Party Data and Models (H) Working Group began shaping its focus. Based on a regulatory survey of...more
On August 7, 2025, the National Association of Insurance Commissioners’ Annuity Suitability (A) Working Group released draft safe harbor regulatory guidance that paints a clearer picture of how insurers should oversee third...more
8/27/2025
/ Annuities ,
Best Practices ,
Comment Period ,
Compliance Monitoring ,
Draft Guidance ,
Insurance Regulations ,
NAIC ,
Regulatory Oversight ,
Regulatory Requirements ,
Third-Party Risk ,
Working Groups
Since the Spring National Meeting, the National Association of Insurance Commissioners’ Big Data and Artificial Intelligence (H) Working Group has been conceptualizing new tools for regulators and exploring whether and to...more
8/25/2025
/ Algorithms ,
Artificial Intelligence ,
Big Data ,
Innovative Technology ,
Insurance Regulations ,
Popular ,
Proposed Legislation ,
Regulatory Oversight ,
Request For Information ,
Risk Management ,
Working Groups
On August 7, 2025, the National Association of Insurance Commissioners’ Annuity Suitability (A) Working Group issued draft safe harbor regulatory guidance with a comment period that ends on September 22, 2025. The draft...more
8/11/2025
/ Annuities ,
Broker-Dealer ,
Comment Period ,
Compensation & Benefits ,
Compliance Monitoring ,
Draft Guidance ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Insurance Regulations ,
Investment Adviser ,
NAIC ,
Regulatory Agenda ,
Regulatory Oversight ,
Working Groups
Builder of Investment Models Deviates From Blueprints Employee’s Rogue Remodeling Costs Builder Plenty -
The SEC’s recent order instituting administrative and cease-and-desist proceedings (OIP) against registered...more
5/8/2025
/ Algorithms ,
Annuities ,
Compensation & Benefits ,
Employee Benefits ,
Enforcement Actions ,
Financial Services Industry ,
Investment ,
Investment Adviser ,
Investment Funds ,
Investment Management ,
Life Insurance ,
Registered Investment Advisors ,
Retirement Plan ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
At the NAIC Spring National Meeting, the Illustration Subgroup and the Suitability Working Group reported that they are building out the following additions...more
5/7/2025
/ Annuities ,
Best Interest Standard ,
Compensation & Benefits ,
Employee Benefits ,
Insurance Regulations ,
Life Insurance ,
NAIC ,
New Guidance ,
Proposed Amendments ,
Proposed Rules ,
Regulatory Oversight ,
Regulatory Requirements ,
Sustainability ,
Working Groups
Since the start of 2025, the following states have added to the roadwork on artificial intelligence regulation in insurance by implementing the NAIC’s model bulletin on the use of AI systems by insurers...more
5/1/2025
/ Algorithms ,
Artificial Intelligence ,
Colorado ,
Commercial Insurance Policies ,
Consumer Insurance Products ,
Insurance Regulations ,
Machine Learning ,
NAIC ,
Pending Legislation ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Requirements ,
State and Local Government
During the NAIC Spring National Meeting, the Big Data and Artificial Intelligence (H) Working Group reviewed its blueprint to build an overarching regulatory edifice to oversee insurers’ use of artificial intelligence...more
4/29/2025
/ AI Act ,
Algorithms ,
Artificial Intelligence ,
Data Collection ,
Insurance Regulations ,
Machine Learning ,
NAIC ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
Working Groups
The Mysterious Boundary Beyond Which “Personal” Relationships Jeopardize a Director’s Independence -
In a recent enforcement action, the SEC concluded that the relationship between James Craigie and an officer of Church &...more
2/11/2025
/ Blockchain ,
Board of Directors ,
BSA/AML ,
Consumer Insurance Products ,
Corporate Governance ,
EFTs ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Fiduciary Duty ,
Investment ,
Investment Contract ,
Publicly-Traded Companies ,
Retirement ,
Securities and Exchange Commission (SEC) ,
Variable Insurance
States continue to decode their expectations regarding insurers’ use of artificial intelligence (AI) systems. Since our last report, the following states have issued bulletins based on the National Association of Insurance...more
Regulators are growing concerned about the delegation of various insurance company functions, prompting a closer examination of third-party vendors. Several groups within the National Association of Insurance Commissioners...more
2/6/2025
/ Annuities ,
Artificial Intelligence ,
Big Data ,
Data Privacy ,
Employee Benefits ,
Insurance Regulations ,
Machine Learning ,
NAIC ,
Privacy Concerns ,
Regulatory Agenda ,
Retirement ,
Risk Management ,
Third-Party ,
Third-Party Service Provider
Gone With the Wind?
Closed-End Funds Risk Extinction -
Shares of SEC-registered closed-end funds (CEFs) have long held significant potential advantages for some investors. For example, unlike shares of mutual funds...more
10/16/2024
/ Cybersecurity ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Insurance Regulations ,
Investment ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
NAIC ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Social Media
The many balls that the various National Association of Insurance Commissioners groups currently have in the air focusing on life insurers’ use of artificial intelligence and machine learning were reflected in the reports...more
At the National Association of Insurance Commissioners’ Summer 2024 National Meeting, the Life Insurance and Annuities (A) Committee received a report of its Life Actuarial (A) Task Force and a presentation on indexed...more