DOL Fiduciary Rule 99% Dead After Appeal Denied
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.
John Hilton
States Ask For Review Of DOL Rule Overturn
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.
NAIC Veteran Regulator ‘Concerned’ About SEC Best Interest 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.
What’s Wrong With Suitability? Industry Groups Wonder
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 Revises Best-Interest Reg For Annuities, Life Insurance
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.
Ding Dong, The DOL Fiduciary Rule Is (98%) Dead
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.
NAIC Comments Show Increasing Opposition to Best Interest Model Law
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.
DOL Fiduciary Rule One Step Closer To History
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.
Financial Advisors Unload on SEC ‘Best Interest’ Rule
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, States Seek to Revive DOL Fiduciary Rule
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.
Annuities Poised for a 2018 Comeback
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.
SEC Rules Not Likely To Hit Insurance Agents
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.
SEC Panel OKs Tentative Advisor Standard
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.
SEC Investment Advice Rule Could Drop This Week: Analyst
The Securities and Exchange Commission will meet publicaly Wednesday afternoon for its first board discussions on an investment advice rule for brokers.
SEC To Air Public Views on Best Interest Standard
The SEC plans a public meeting Wednesday to discuss its progress to establish investment advice rules for brokers and advisors.
NAIC Punts Fiduciary Standard, Invites More Comments
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.
Supreme Court in Play for Fiduciary Rule Showdown
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.
What’s Next for the DOL Fiduciary Rule?
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.
Court Tosses DOL Fiduciary Rule
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.
NAIC Begins Tough Work on Best Interest Reg
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.
NAIC to Huddle on Contentious Best Interest Model Law
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 Upholds DOL Rule in Market Synergy Group Ruling
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.
Five 2018 Issues of Concern for Affluent Investors
Optimism in the U.S. economy remains up among high-net-worth investors, but concerns are creeping in, a new survey finds. Inflation, tax changes and interest rates are chief among them.
Analyst: Firms May Need to Rethink DOL Rule After Scottrade Charges
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?
Middle Market Companies Want More From Insurers, Survey Finds
Insurers have great opportunities to branch out into other services, such as employee benefits, and a new survey finds companies eager for insurers to adapt.
NAIC Finding Little Support for Best-Interest Annuity Model
The National Association of Insurance Commissioners wants to produce a annuity transactions best interest model law each state could then adopt. But its draft law is drawing fire from both sides who consider it both too weak and too strong.
Advisors Stumbling on DOL Rule Compliance: Analysts
The Department of Labor fiduciary rule is being delayed, but brokers and advisors need to remember the rules that have already taken effect. Many of them are lax on compliance, a pair of prominent analysts say.
N.Y. Urges Life Insurance Fiduciary Standard in NAIC Rule
New York State officials raced ahead of the NAIC with its best-interest amendment covering life insurance as well as annuities. Now New York officials want the NAIC to include the stricter standard in its model law going out to all states.
DOL Court Appeal Ruling Might Take Time: Analyst
The Fifth Circuit Court of Appeals in New Orleans might be holding its appeal decision until the Department of Labor completes a review of the controversial fiduciary rule, one analyst said.
New York Best Interest Proposal ‘Burdensome,’ Law Firm Finds
A new “best interest” proposal to regulate annuity and life insurance sales in New York State imposes “burdensome compliance obligations,” a law firm finds. New York is trying to become the second state, after Nevada, to impose its own fiduciary type standard.
States Moving ‘Aggressively’ on Regs: Expert Says
What the move to greater regulatory oversight by the states could mean for annuity sales.
Wealthy Investors Failing to Appraise Collectibles, Report Claims
Many wealthy people turn to collectibles and often fail to insure the valuables, or even determine how much they are worth, a new report states. Such collectibles are often bought with emotion and frequently make for bad investments.
Top 5 Stories of 2017: DOL Rule
The Department of Labor fiduciary rule dominated our most-read stories of 2017. We look at the five most popular, all of which dealt with delaying or repealing the rule.
Top 5 Stories of 2017: Politics
We take a look back at our most-read political stories of 2017. The list includes everything from Sen. Elizabeth Warren, D-Mass., to Dodd-Frank to President Donald J. Trump’s views on regulation.
New York Proposes ‘Best Interest’ Standard
New York is bidding to become the second state, after Nevada, to adopt a state-based best interest standard for the sale of life insurance and annuities. Gov. Andrew Cuomo said New York is tired of waiting for the Department of Labor fiduciary rule to take effect.
Top 5 Stories of 2017: Finance
Our most-read stories were those showing advisors what clients want and need, and how to help them reach their financial goals.
Top 5 Stories of 2017: Annuities
Annuities suffered through plenty of ups and downs in 2017, nearly all related to regulation. We recap our top five most popular stories from the year.
Top 5 Stories of 2017: Life Insurance
Life insurance news was a mix of good and bad in 2017. We recap our top five most popular stories from the year.
Next year could be a big year for sorting out the future standard that agents and advisors will abide by when selling products into retirement accounts.
DOL To Publish 18-Month Delay of Fiduciary Rule Wednesday
The months-long push to delay the Department of Labor fiduciary rule is expected to come to an end Wednesday with publication of an 18-month delay. The delay will give regulators time to address the more controversial aspects of the rule, analysts have said,
Senator to Target 401(k)s With Tax Reform Amendment: Report
Sen. Orrin Hatch, R-Utah, has submitted an amendment that would tax some retirement plan contributions. The controversial idea has floated around the Capitol for months as Republicans look for $1.5 trillion in revenue to offset corporate tax cuts.
Tax Reform Package Passed Out of House Committee
The House Ways and Means Committee passed a tax reform bill on to the full House today. Meanwhile, the Senate Finance Committee released its tax plan.
Judge Rules Against DOL Fiduciary Rule, Grants Stay
A Minnesota federal judge granted a preliminary injunction to Thrivent Financial in its legal challenge of the Labor Department’s fiduciary rule. But judge also granted DOL request for a stay in the case.
Insurers Would Feel Impact of GOP Tax Reform
Insurers are taking a cautious view of the GOP tax reform package released today. The tax plan represents historic changes to the tax code long favored by Republicans.
18-Month DOL Rule Delay One Step Closer
The Office of Management and Budget has the final documents to delay the Department of Labor fiduciary rule by 18 months. When published, which could happen in days, the class action right to sue will be pushed out until July 1, 2019.
DOL Tells Court It Wants to Rewrite Obama OT Rule Changes
The Department of Labor told the court it wants to fix issues with the controversial overtime rules put forth by the Obama administration. A Texas judge threw out the OT rules earlier this year.
The Protecting Advice for Small Savers (PASS) Act of 2017 emerged from the House Financial Services Committee Thursday and moves on to a full House vote.
Help Wanted: DOL Needs Staff Before It Can Rework Fiduciary Rule
The Department of Labor fiduciary rule is a good bet to be delayed by 18 months. How the DOL will amend the rule during that time is unknown because many political positions have not been filled by the Trump administration.
Preston Rutledge is expected to be nominated and confirmed as assistant secretary of labor. The post is responsible for the DOL fiduciary rule and has been vacant since January.
Several GOP legislators continue to push bills that would overturn the Department of Labor fiduciary rule, even though the legislation would have a difficult time passing the Senate. Meanwhile, the DOL is set to publish an official delay of the rule until July 1, 2019.
Life Insurance Is Key To ‘Financial Fitness,’ Danica Patrick Says
Racer Danica Patrick first obtained life insurance in her early 20s. Your “financial fitness” is an important part of your overall health, she said, and life insurance is key. Patrick is back as the celebrity spokesperson for Life Insurance Awareness Month.
NAIFA Reschedules Key Bylaws Vote For May
NAIFA is asking members to approve significant changes in the way it does business. Streamlined operations are needed to reverse membership losses, NAIFA executives say.
NAIFA Pushes Controversial Bylaws Change
The National Association of Insurance and Financial Advisors is trying to consolidate functions and set a single dues fee for members, moves that are commiserate with its slimmer membership rolls. Will delegates approve the controversial changes?
Hurricane Irma Forces NAIFA to Postpone Annual Meeting
NAIFA will reschedule its annual business meeting planned for Sunday in Orlando. Hurricane Irma is forcing massive evacuations and emergency preparations are under way in Florida.
Texas Judge Tosses Obama Overtime Rule
Texas Judge Amos Mazzant tossed out an Obama administration rule that would have extended overtime benefits to about 4 million new workers. The Trump administration opposes the overtime change.
DOL Publishes Delay of Fiduciary Rule Until July 2019
The Department of Labor will get its 18-month delay of phase two of the Obama-era fiduciary rule. A proposed rule ordering the delay until July 1, 2019 will be published in the Federal Register tomorrow.
OMB OKs DOL Fiduciary Rule Delay With ‘Change’
The Office of Management and Budget completed its review Monday of a rule that would delay the DOL fiduciary rule. The DOL seeks an 18-month delay that would push the effective date of the fiduciary rule to July 1, 2019.
The estate tax is among the taxes the White House hopes to eliminate with its tax reform effort, said Gary Cohn, President Donald J. Trump’s top economic advisor. Will Congress go along?
DOL: Fiduciary Rule Lawsuit Angle ‘Will Likely Be Mooted’
In a court brief, the Department of Labor signaled its intent to eliminate the class-action component of the fiduciary rule. The right to sue is one of the most hated aspects of the Obama-era regulation.
