The state Assembly passed a bill 78-0 last week banning STOLI and sent it to the Senate, which previously introduced the legislation. The Democratic caucus is leading the effort in both houses and Gov. Phil Murphy, D, is likely to sign the final product.
Read moreA 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.”
LIMRA and LOMA are offering a comprehensive training program to help sales professionals and home office employees understand and comply with New York Regulation 187.
Arizona might be the next state to approve a best-interest annuity sales standard via legislation. Titled “Annuity Transactions; Requirements,” the bill was introduced Feb. 4, passed the Arizona Senate Feb. 20 by a 26-0 vote, with four senators not voting, and is now in the House.
The New York Department of Financial Services fined Asurion Insurance Services and Asurion Protection Services $4 million for providing inadequate consumer disclosures for insurance offerings.
Massachusetts Secretary of the Commonwealth William F. Galvin has finalized regulations which “will impose a true fiduciary conduct standard in Massachusetts.” The new fiduciary standard will be enforced starting Sept. 1 for anyone selling financial products or giving advice in the state.
Democratic presidential candidate Michael Bloomberg wants to resuscitate the DOL rule if he becomes president, according to information he released in his financial reform policy. The DOL rule, which originated during the Obama administration, expanded the definition of “investment advice fiduciary” under the Employee Retirement Income Security Act of 1974.
Now that industry lobbyists were successful in getting a favorable NAIC Suitability in Annuity Transactions model update, the real work begins to get states to uniformly adopt it. New York has already opted for a tougher set of rules, while other states such as Massachusetts are in the process of doing the same.
State insurance commissioners voted today to sent a strengthened annuity sales model law that adds a best-interest standard to the states for adoption. The successful vote came over the strenuous objections of New York Superintendent of Financial Services Linda Lacewell.
A Florida bill that would prohibit insurers from using customers’ genetic information in changing, denying or canceling policies cleared another Senate committee Tuesday. The bill, opposed by industry, appears to have broad, bipartisan support.
A Missouri insurance agent who used a lead-generation mailer advertising “FREE government benefits” was fined by both the Iowa Insurance Division, as well as the state attorney general. Officials said the mailers targeted older Iowans, some of whom were confused by the advertising.
The New York Department of Financial Services would gain much bigger fining power if the governor’s budget is adopted. With the DFS having recently enacted fiduciary like rules for all sales of life insurance and annuities, Cuomo’s proposal has implications for insurers.
Through his company, Ronald Leger sold “at least” $3.7 million fractional interests in life settlements to 29 investors, the complaint reads. The Massachusetts Securities Division is in the process of finalizing a fiduciary rule to tighten the rules for all financial advice and sales.
A bill introduced by State Sen. Annette Taddeo, D, would make Florida the 12th state to elect its insurance commissioner.
The California Consumer Protection Act took effect Jan. 1 and sets a high bar for data privacy — and has potentially significant impacts for insurers and policyholders. For instance, it could make it harder to legally defend lawsuits, a San Francisco lawyer said.
Who can and should provide financial literacy education is unclear, but a pair of academic experts say it should not be state insurance regulators. They spoke during a conference call last week for the National Association of Insurance Commissioners’ Retirement Security Working Group.
A House health-care panel approved legislation that would prohibit life-insurance, long-term care insurance and disability-insurance companies from using customers’ genetic information in changing, denying or canceling policies.
A National Association of Insurance Commissioners’ task force will collect data from several insurers over the coming weeks as part of its effort to establish a uniform long-term care rate review process.
Massachusetts Gov. Charlie Baker sent a letter Tuesday to Secretary of the Commonwealth William Galvin urging him to defer action on proposed fiduciary regulation. The proposal creates “confusion,” and ignores other state and national regulatory efforts, Baker wrote.
