A National Association of Insurance Commissioners working group wants to “enhance consumer understanding” with a proposed two-page summary to accompany life insurance illustrations. The group is making slow progress on the proposal, with a few issues remaining to work out.
Broker-dealers across the country and reeling and unsure how to respond to Ohio National terminating trail commissions on some of its variable annuities. At least one leading annuity analyst does not expect the ON decision to be repeated by other insurers.
Insurance commissioners are wrestling with a rule change that would allow insurers to illustrate indexed annuities using indices that have been around less than 10 years. The NAIC working group needs at least one more conference call to finalize the amendment.
Ohio National will end broker compensation on existing variable annuity contracts with guaranteed minimum income benefit riders, the company announced last week. The decision is believed to be unprecedented and could wind up in court.
A booming economy combined with generous tax cuts has the affluent class increasing in numbers. Affluent households, or those with more than $100,000 income, grew by 30 percent between 2012 and 2016.
Republican lawmakers are bidding to make last year’s tax cuts permanent, but face opposition. One industry group would like to see greater attention paid to retirement security aspects.
A new Deloitte survey finds insurers well behind the ball when it comes to meeting consumers’ needs digitally. Consumers are self-educating about life insurance online and carriers and agents need to respond better to that market if they want to increase life insurance ownership, the survey concludes.
A National Association of Insurance Commissioners’ working group hopes to finalize a best-interest standard for annuity sales during a special two-day meeting next month in Chicago.
The New York Department of Financial Services passed tough cybersecurity rules for financial services last year, and more states are working on their own versions.
A National Association of Insurance Commissioners working group wants to “enhance consumer understanding” with a proposed two-page summary to accompany life insurance illustrations. The group is making slow progress on the proposal, with a few issues remaining to work out.
Insurance commissioners are wrestling with rules that would allow insurers to illustrate indexed annuities using indices that have been around less than 10 years.
American Equity reported a healthy second quarter, but its late-May admission that it was negotiating with a potential buyer has distribution partners concerned. Meanwhile, the company plans to release new products during the third quarter.
The Long-Term Care Insurance Task Force tabled a request to form a subgroup to study the idea of a uniform long-term care insurance rate review process.
New York and California insurance officials signal a steadfast willingness to fight for life insurance to be included in any NAIC annuity best-interest rule.
The National Association of Insurance Commissioners is attempting to come up with national annuity sales rules. Industry representatives express frustration with mixed messges and unclear rules.
A state insurance commissioners annuity subgroup will meet in Boston Saturday and attempt to reach a consensus on a controversial annuity sales model law. New York will be represented, although the state recently passed its own tougher rules in defiance of the NAIC.
The Department of Labor fiduciary rule is dead, but financial professionals selling products to retirement accounts need to be aware of new interpretations of the “five-part test” standard. DOL officials plan to be more strict in interpreting the test going forward, one industry expert says.
New York finalized its best-interest standard for annuity and life insurance sales this week. The rules have industry officials concerned that a ‘patchwork’ of different rules across different states could make cross-state sales a nightmare of paperwork.
Congress is considering a variety of changes to make it easier for Americans to set aside money for retirement, including allowing annuities to be sold inside 401(k) plans. Auto-enrollment and multi-employer plans are some other ideas on the table.
An NAIC subgroup finds that no additional regulation of modified guaranteed annuities is needed. The group is likely to vote to disband itself next week.
The Department of Labor fiduciary rule might be history, but it leaves new interpretations behind, along with some paperwork, a leading regulatory law firm says. The rule’s impact is sure to be felt for some time to come.
The SEC’s proposed best-interest rule for brokers strikes the right balance, Chairman Jay Clayton testified before a House committee Thursday. The agency is accepting public comment on the rule until Aug. 7.
A federal appeals court finally issues a final mandate officially killing the Department of Labor fiduciary rule after a long delay. The action leaves the SEC Regulation Best Interest as the main rule proposal to regulate financial advice.
A judge within the Fifth Circuit Court of Appeals is likely pushing for a full judicial review of the March 15 decision to toss the DOL fiduciary rule, one lawyer says. The court continues to delay issuing a final order that would officially kill the DOL rule.
The Securities and Exchange Commission’s Regulation Best Interest is drawing heated opposition from an interesting coalition of allies. But Chairman Jay Clayton insists that the agency will not be deterred in its rulemaking efforts.
The federal government will not appeal a court ruling tossing the Department of Labor fiduciary rule. The Trump administration had until the end of Wednesday to appeal the decision to the Supreme Court.
The Federal Reserve hiked interest rates today as expected. The news is great for insurers who receive several different benefits from higher interest rates, industry experts say.
A National Association of Insurance Commissioners’ working group is considering model law changes to permit indexed annuity illustrations using indexes in existence less than 10 years. Critics have mixed views on the possible changes.
The Fifth Circuit Court of Appeals hasn’t yet issued a final mandate officially killing the Department of Labor fiduciary rule. The ACLI asked the court today to issue the mandate as soon as possible.
A National Association of Insurance Commissioners’ working group bridged some tough gaps, but punted others, during a two-day meeting to craft an annuity sales transactions standard.
A National Association of Insurance Commissioners group meeting in Kansas City opted for a more conservative approach from Iowa as a framework for an annuity transaction model law.
The National Association of Insurance Commissioners is set for another day of debate over the annuity transaction standard. A key issue is whether to require full disclosure of an agent’s compensation in its model law.
The National Association of Insurance Commissioners tackled the tough task today of deciding whether to call its annuity transactions model law a “best interest” standard.
KANSAS CITY — Things started hot at the National Association of Insurance Commissioners’ working group meeting today as members immediately…
A National Association of Insurance Commissioners meeting to iron out a new annuity transaction law turns into a battle over the suitability standard with opponents saying the insurance industry needs a tough best interest rule closer to the fiduciary standard.
The National Association of Insurance Commissioners are meeting in Kansas City Thursday and Friday in the hopes of finalizing a best-interest model law. The group hopes to take a model law to the states for adoption.
The Fifth Circuit Court of Appeals rejected a final appeal by a trio of states today, clearing the way for the Department of Labor fiduciary rule to be officially killed.
In a last-minute appeal, California, New York and Oregon are asking the Fifth Circuit Court of Appeals to reconsider its request for a full review of its decision to toss out the Department of Labor fiduciary rule.
The SEC best-interest rule includes words and meaning that could conflict with the way state suitability standards are interpreted, said Iowa Insurance Commissioner Doug Ommen. The two groups plan to meet to iron out those differences.
The NAIC suitability standard has been a big success since it was adopted in 2010, two industry veterans argue. So why are state and federal regulators in a hurry to replace it with a best-interest standard that may or may not help consumers?
New York State officials are back with a revised best-interest standard for annuities and life insurance. A 60-day comment period prompted several changes to the regulation, state officials said.
The Fifth Circuit Court of Appeals denied motions by AARP and three states today to intervene and argue in favor of saving the Department of Labor fiduciary rule. Chances of the rule’s revival are seen as remote.
The National Association of Insurance Commissioners’ second public comment period on its best-interest model law for annuity transactions yielded plenty of suggestions. Critics urged the NAIC to tread lightly and not rush the regulation.
The federal government decided against appealing the Fifth Circuit Court of Appeals decision tossing out the Department of Labor fiduciary rule. The Trump administration opposed the Obama-era rule from day one.
Commenters favor a tougher fiduciary type standard for brokers in initial feedback received by the Securities and Exchange Commission. The SEC’s Regulation Best Interest was released April 18 to mixed reviews.
AARP is not giving up on its fight to restore the Department of Labor fiduciary rule. The lobbying group will file an appeal to keep the rule, which was tossed out by a New Orleans court last month.
A leading annuity expert lays out four reasons why annuity sales will be bouncing back in a big-time way in 2018 and ahead. Market conditions and reasonable regulation are the two main themes.
Investment advice rules announced this week by the Securities and Exchange Commission, if finalized, will have a broad impact across the financial services industry. Here is who will be affected.
The SEC gave the public a first glance at its investment advice rules for brokers. The panel divided in its assessment, but voted 4-1 to tentatively adopt the rules.
The Securities and Exchange Commission will meet publicaly Wednesday afternoon for its first board discussions on an investment advice rule for brokers.
The SEC plans a public meeting Wednesday to discuss its progress to establish investment advice rules for brokers and advisors.
The National Association of Insurance Commissioners voted Saturday to accept more comments for 30 days on its best interest rule for annuity sales. The model law draft has drawn criticism from both sides for being both too tough and too lenient.
The Department of Labor fiduciary rule could be dead, or it could be in front of the Supreme Court in the near future. It all depends on how federal government attorneys decide to respond to a court of appeals decision last week.
The parties who sued the Department of Labor say the way is now clear for the SEC to establish a standard that would cover all financial industries.
The Department of Labor fiduciary rule does not exist anymore after a late-Thursday court ruling. That court decision might open the door for the Securities and Exchange Commission and/or state insurance departments to take over rulemaking.
A federal appeals court threw out the Department of Labor’s conflict of interest rule that imposed a fiduciary standard on annuity sales with IRA money.
The National Association of Insurance Commissioners’ working group discussed its controversial annuity transaction model law today with little agreement. The NAIC effort to establish a best-interest standard has been fraught with disagreement so far.
The National Association of Insurance Commissioners holds a conference call today to discuss the harsh criticism it has received from all sides on its best-interest standard model law.
Appeals court sides with lower court on Department of Labor’s treatment of fixed indexed annuities in its fiduciary rule. Market Synergy Group filed one of several industry lawsuits to stop the rule, which has since been delayed.
Massachusetts regulators charged Scottrade with state law violations after the company allegedly ignored its DOL fiduciary rule compliance measures. Will similar investigations follow among other regulators?
