Morningstar said that the DOL could go further to protect all investors receiving rollover advice in a variety of contexts. The DOL should revisit the “regular basis” prong of the five-part test to either eliminate this requirement or presume that it is satisfied in the context of a rollover.
Read moreThe NAIC’s Statutory Accounting Principles (E) Working Group adopted three interpretations related to COVID-19 last week.
A bill introduced by State Sen. Annette Taddeo, D, would make Florida the 12th state to elect its insurance commissioner.
New IUL products featuring “multipliers” or “bonuses” prompted the IUL Illustration Subgroup to consider changes to Actuarial Guideline 49. During a Monday conference call, one regulator called for “a total rework of AG 49 from the ground up.”
The ESG proposal will trigger unintended consequences, expose plan fiduciaries to additional regulatory scrutiny, and heighten litigation risks related to the selection of all plan investment options, the Insured Retirement Institute said in a comment letter.
Bradford P. Campbell, who headed up the Employee Benefits Security Administration under President George W. Bush, called aspects of the new investment advice rule “misguided.” The Department of Labor proposal would replace the Obama administration fiduciary rule overturned by the courts.
The Artificial Intelligence Working Group voted unanimously to adopt principles governing artificial intelligence last month, including the phrase “AI users should proactively avoid proxy discrimination against protected classes.” A task force is deciding whether or not to keep that language going forward.
The National Association of Insurance Commissioners announced a special committee on race in a news release today. The new committee comes as insurance regulators on several committees and task forces continue to discuss whether “proxy discrimination” needs further attention.
A National Council of Insurance Legislators resolution today revealed a rift with state insurance commissioners that threatens efforts to address systemic racism in insurance. NCOIL members say they just want to keep lawmaking decisions in the hands of lawmakers.
A state regulator task force took another step Thursday toward agreement on rule changes designed to rein in index universal life insurance illustrations. In a straw poll vote, Life Actuarial Task Force members voted 13-3 to affirm that any changes will only apply to new IUL policies.
Department of Labor officials alerted the White House Monday that is has completed work on a reworked rule to regulate investment advice to workers and retirees. Known the “DOL fiduciary rule” when proposed by former President Barack Obama’s DOL, an appeals court tossed out the rule in 2018.
