News & Analysis as of

Investment Management NAIC

Kramer Levin Naftalis & Frankel LLP

NAIC Committee Adopts New Procedures Allowing Discretion on Rated Securities

Insurers and other capital markets participants, including sponsors of structured assets, should note an important development from the National Association of Insurance Commissioners (NAIC) that could result in regulatory...more

Carlton Fields

Expect Focus - Volume II, May 2024

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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

Carlton Fields

NAIC Takes Dive Start on Investment Management Agreements With New Guidance for Insurers

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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

Warner Norcross + Judd

Final Fiduciary Rule – Part 1: New Definition of Investment Advice Fiduciary

Warner Norcross + Judd on

The U.S. Department of Labor (DOL) released its final “investment advice rule” on April 23, 2024 — set to become effective in September — after several failed attempts, years of deliberations and multiple lawsuits. If not...more

Kramer Levin Naftalis & Frankel LLP

NAIC Body Issues Guidance on Affiliated Investment Management for Insurers

Insurers that outsource investment management to affiliates should consider new guidance from insurance regulators on such arrangements. On March 19, 2024, following its March 16 session at the National Association of...more

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

McDermott Will & Emery

"Control" of Insurers: A Concept That Remains a Work in Progress

The concept of “control” of insurers received significant attention from state insurance regulators last year and will receive even more in 2023. We wrote a brief report in April 2022 following the New York Department of...more

McDermott Will & Emery

Turning up the Magnification: Regulators Have PE-Controlled Insurers under the Microscope (Again)

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For much of the past 10 years, the National Association of Insurance Commissioners (NAIC) and individual state insurance regulators have highlighted their awareness of the increasing number of insurers controlled by private...more

Kramer Levin Naftalis & Frankel LLP

Bond ETFs Could Be Treated as Debt for NY RBC Purposes

New York-domiciled insurers should take note of new latitude from their home-state regulator concerning exchange-traded funds (ETFs) in their investment portfolios. The guidance could permit insurers to hold less capital...more

Kramer Levin Naftalis & Frankel LLP

New NAIC Guidance to Focus on Funds’ Derivatives Activity

Insurers and fund advisers should consider newly proposed guidance from insurance regulators on funds’ use of derivatives in the context of regulatory capital treatment of a fund’s units, shares or interests. Once finalized,...more

Eversheds Sutherland (US) LLP

Videocast: Asset management regulation in 2020 videocast series – The annuity regulatory landscape

In this Bottom Line videocast, Dodie Kent and Clifford Kirsch discuss: The continued emergence of registered index linked annuity products. The NAIC’s amended Suitability Rule. The SEC’s variable product summary prospectus...more

Carlton Fields

In The Duty Of Care Race, The NAIC Is In The Chase With New Proposed Revisions To Its Annuity Suitability Model

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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

Carlton Fields

Expect Focus - Volume IV, December 2017

Carlton Fields on

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

New York Department of Financial Services Rings in the New Year with New Suitability Requirements for Insurance Companies

Carlton Fields on

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

Carlton Fields

Expect Focus - Volume III - September 2017

Carlton Fields on

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

Locke Lord LLP

NAIC Proposes Changes to Life Insurer Disclosure Requirements and Treatment of Investment Affiliates

Locke Lord LLP on

This month, the NAIC set forth a variety of proposals relating to changes risk-based capital (“RBC”) requirements, as well as treatment of investment affiliates. In particular, the NAIC seeks to require life insurers to...more

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