Under the leadership of Maryland Insurance Commissioner Kathleen Birrane, in 2023 the Innovation, Cybersecurity, and Technology (H) Committee of the National Association of Insurance Commissioners completed two main...more
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
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
8/12/2019
/ Annuities ,
Best Interest Standard ,
Conflicts of Interest ,
Consumer Insurance Products ,
Financial Services Industry ,
Incentive Compensation ,
Life Insurance ,
NAIC ,
Non-Cash Compensation ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Working Groups
As the insurance industry seeks to implement new technology, several NAIC groups and states are addressing the regulatory landscape to evolve with the changes. ...more
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
At the NAIC Fall 2018 National Meeting, state regulators continued plowing through the Suitability in Annuity Transactions Model Regulation (Model 275) (Suitability Model)....more
In response to the accelerating pace of change, the NAIC’s Summer National Meeting in Boston focused on innovation and insurtech....more
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
10/4/2018
/ Annuities ,
Conflicts of Interest ,
Financial Services Industry ,
Insurance Industry ,
Insurance Investment Products ,
Insurance Regulations ,
Life Insurance ,
NAIC ,
Regulatory Oversight ,
Regulatory Requirements ,
Suitability Rule
On July 24, in preparation for its August 4 meeting at the NAIC 2018 Summer National Meeting, the Annuity Suitability (A) Working Group (the “Suitability WG”) peddled fast and released a working draft of proposed revisions...more
On July 18, New York's Department of Financial Services (the "NY DFS") issued the final version of its Suitability and Best Interests in Life Insurance and Annuity Transactions Regulation (the "Suitability and Best Interest...more
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
7/23/2018
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Annuities ,
Broker-Dealer ,
Churning ,
Class Action ,
COI Rates ,
Constitutional Challenges ,
Data Security ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Insurance Investment Products ,
Investment Companies ,
Life Insurance ,
Lucia v SEC ,
MassMutual ,
Mutual Funds ,
NAIC ,
Policy Terms ,
Preemption ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
SLUSA ,
Unclaimed Property
The NAIC and the State of New York continue racing as each is revising its suitability regulation to incorporate enhanced standards of care. Only time will tell which version will gallop to victory....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
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
1/18/2018
/ Annuities ,
Consumer Financial Products ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Innovation ,
Insurance Industry ,
Investment Management ,
Life Insurance ,
NAIC ,
Regulatory Oversight ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Whistleblower Awards ,
Whistleblowers
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
1/15/2018
/ Annuities ,
Best Interest Contract Exemptions ,
Consumer Financial Products ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
Popular ,
Regulatory Oversight ,
Retirement Plan
The National Association of Insurance Commissioners held its Fall National Meeting December 2-4 in Hawaii, saying aloha to 2017 and aloha to 2018. Key takeaways include...more
Innovators are not only disrupting the financial industry but also financial regulation as regulators weigh how to monitor financial technology (fintech) innovators and their new products and services. As they begin to...more
8/26/2016
/ ASIC ,
Banks ,
Big Data ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Insurance Industry ,
OCC ,
Popular ,
Price Optimization ,
Regulatory Oversight ,
Technology Sector
On November 24, the United Kingdom's financial regulator, the Financial Conduct Authority (FCA), issued a "Call for Inputs" regarding insurers' use of Big Data. The FCA asked for views, supported by examples and evidence, of...more