News & Analysis as of

Variable Annuities

Expect Focus - Life Insurance: Risky Business, Volume I, March 2017

by Carlton Fields on

Regulators Demand Third-Party Risk Management - While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated...more

SEC Facilitates Product Charge Variations

by Carlton Fields on

SEC staff in December issued a Guidance Update that provides significant flexibility regarding how mutual funds and variable annuities (VAs) reflect multiple charge structures in their SEC registration statements....more

Will New Administration Speed VA Summary Prospectus?

by Carlton Fields on

President Trump’s nominee for SEC Chairman, Jay Clayton, could speed authorization of the variable annuity (VA) summary prospectus and related layered disclosure and shortened underlying fund report to shareholders. Doing so...more

Broker-Dealers Can Hold Customers’ Initial Checks

by Carlton Fields on

A recent SEC no-action letter gives broker-dealers more time to perform suitability and other reviews when opening certain customer accounts. The firms requesting the letter were affiliated with three different insurance...more

Broker-Dealers Can Hold Customers’ Initial Checks

by Carlton Fields on

A recent SEC no-action letter gives broker-dealers more time to perform suitability and other reviews when opening certain customer accounts. The firms requesting the letter were affiliated with three different insurance...more

FINRA Fines Firms For Not Supervising L-Share Annuity Sales

by Carlton Fields on

For two years FINRA has made sales and marketing of L-Share variable annuities (VAs) a regulatory and examination priority. Not surprisingly, FINRA in November announced settled actions against eight broker-dealers, alleging...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Soooooo . . . about that whole Brexit thing. A UK High Court has ruled that Britain’s EU withdrawal cannot move forward without the approval of Parliament, setting off more uncertainty and what’s expected to be a series of...more

IRS Notice Offers Relief to Issuers of Variable Insurance Products in Response to Pending Money Market Fund Reforms

On May 5, 2016, the IRS issued Notice 2016-32, 2016-21 I.R.B. 1, which affords relief with respect to the application of the diversification requirements of IRC § 817(h) to variable life insurance and annuity contracts...more

FINRA Issues Largest Fine Regarding Variable Annuities Contracts

On May 3, 2016, the Financial Industry Regulatory Authority announced that MetLife Securities, Inc. agreed to pay $25 million to settle allegations that the company misled its customers in tens of thousands of variable...more

Your daily dose of financial news The Brief – 5.4.16

by Robins Kaplan LLP on

MetLife, accused by regulators of misleading tens of thousands of customers about variable annuities—“a product that retirees seek out for safety,” will pay a $25 million dollar fine for its actions. It’s the second-largest...more

Two Federal Courts Uphold Criminal Convictions for Insurance Brokers

by Carlton Fields on

Two federal appellate decisions highlight the potential criminal liability for rogue agents. First, in United States v. Binday, the Second Circuit Court of Appeals upheld mail and wire fraud convictions of three individuals...more

Alleged Misrepresentations to DFS Warrant SLUSA Preclusion

by Carlton Fields on

The Southern District of New York recently granted defendant’s motion to dismiss a putative class action claiming that AXA Equitable Life Insurance Company breached its contractual obligation by implementing a volatility...more

Investment Management Update - April 2016

by Ballard Spahr LLP on

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

SEC 2016 Examination Priorities Focus on Retail Investors, Market-wide Risks and Data Analytics

by Dechert LLP on

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) on January 11, 2016 announced its examination priorities for this year, which “address issues across a variety...more

SEC Announces 2016 Examination Priorities

On January 11, the SEC announced its Office of Compliance Inspections and Examinations’ (OCIE) 2016 priorities. New areas of focus include liquidity controls, public pension advisers, product promotion, and two popular...more

New Year, New Priorities for the SEC’s Office of Compliance Inspections and Examinations

On January 11, 2016, the SEC announced its Office of Compliance Inspections and Examinations (OCIE) priorities for the year . The announcement included several new areas of focus, including liquidity controls, public...more

SEC Announces 2016 Exam Priorities

by Reed Smith on

The SEC Office of Compliance Inspections and Examinations (“OCIE” or the “Staff”) released its 2016 Exam Priorities recently, as applicable to examined registrants other than national securities exchanges...more

Should an Annuity Be Part of Your Retirement Planning?

Annuities can be valuable retirement and longevity planning tools, but they are complex financial products that can be misused. There are two kinds of annuities: variable and immediate. Variable annuities have gotten a bad...more

Variable Annuities Are Retirement Investment Product of Interest in SEC’s 2016 Examination Priorities

by McGuireWoods LLP on

As we discussed yesterday, the Securities and Exchange Commission’s (SEC’s) Office of Compliance Inspections and Examinations (OCIE) released its examination priorities for 2016 on January 11 (the “Examination Priorities”)....more

SEC Announces 2016 Examination Priorities

by BakerHostetler on

Earlier this week, the Office of Compliance Inspections and Examinations (OCIE) of the United States Securities and Exchange Commission (SEC) announced its 2016 examination priorities. These priorities are of particular...more

eCommerce Regulation, Bitcoin, Anti-Money Laundering, Shadow Insurance, 401(k) Litigation [Expect Focus – Vol. IV, Fall 2015]

by Carlton Fields on

IN THE SPOTLIGHT - - California Passes Life and Annuity Electronic Transactions Law LIFE INSURANCE - - Under a Spotlight, "Shadow Insurance" Lawsuit Fails Scrutiny - NAIC Evaluates Insurer’s Use of Variable...more

Florida's OIR Provides Guidance on Annuity Maturity Date Extensions

by Carlton Fields on

On December 15, the Florida Office of Insurance Regulation (OIR) issued an Informational Memorandum, OIR-15-08M (Memorandum) regarding the extension of annuity contracts maturity dates beyond their original date. The...more

NAIC Evaluates Insurer’s Use of Variable Annuity Captives, Price Optimization, and Big Data

by Carlton Fields on

At the National Association of Insurance Commissioners (NAIC) Fall National Meeting, regulators and consumer representatives continued to seek transparency on insurers’ use of annuity captive reinsurance transactions (VA...more

Labor & Employment E-Note - December 2015

by Burr & Forman on

Howard Bogard, Chair of Burr's Health Care Practice Group, outlines his top ten 2015 health care developments for Alabama providers in his annual "Health Care Year In Review” article for the Birmingham Medical News....more

Banking & Financial Services E-Note - December 2015

by Burr & Forman on

In an article published by Financial Advisor on December 8, 2015, Burr & Forman Associate Rhett Owens discusses a proposed rule change from the U.S. Department of Labor (DOL) regarding variable annuities (VAs) that’s set to...more

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