During its Winter National Meeting, various groups within the National Association of Insurance Commissioners continued addressing the Macroprudential (E) Working Group’s 2021 list of “Regulatory Considerations Applicable...more
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
10/11/2023
/ Annuities ,
Artificial Intelligence ,
Best Interest Standard ,
Breach of Contract ,
Class Action ,
COBRA ,
Consumer Financial Products ,
Consumer Insurance Products ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employment Litigation ,
Federal Arbitration Act ,
Financial Contracts ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Health Insurance ,
Insider Trading ,
Insurance Fraud ,
Insurance Litigation ,
Insurance Regulations ,
Interlocutory Appeals ,
Investment Management ,
Life Insurance ,
Money Market Funds ,
Mutual Funds ,
NAIC ,
NLRA ,
NLRB ,
No-Action Letters ,
Non-Compete Agreements ,
NYDFS ,
Regulatory Requirements ,
Retirement ,
Robocalling ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
State and Local Government ,
Wage and Hour
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
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
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
10/11/2019
/ Annuities ,
Artificial Intelligence ,
Best Practices ,
Big Data ,
Consumer Insurance Products ,
Consumer Privacy Rights ,
Financial Services Industry ,
Insurance Regulations ,
Life Insurance ,
NAIC ,
Regulatory Requirements ,
Regulatory Standards ,
Sandbox ,
Underwriting
The NAIC and states are reviewing whether to flush those provisions of state anti-rebating laws that inhibit innovation in the insurance industry. The NAIC Unfair Trade Practices Act (#880) prohibits offering any premium...more
10/9/2019
/ Ancillary Agreements ,
Annuities ,
Consumer Insurance Products ,
Draft Guidance ,
Insurance Regulations ,
Legislative Agendas ,
Life Insurance ,
NAIC ,
Non-Discrimination Rules ,
Policy Terms ,
Proposed Legislation ,
Rebates ,
Regulatory Requirements ,
Risk Mitigation ,
State and Local Government ,
Unfair Trade Practices Act ,
Value-Added Services
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
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
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
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
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