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–ADISA, the nation’s largest trade association for the retail alternative investment space, announced today that its government relations team met with regulators in New Jersey earlier this week to discuss the state’s impending fiduciary rule. ADISA board member and former president, John Grady, along with Thomas Rosenfield, attended the meeting.
Read moreNew 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.
The United States House of Representatives Committee on Financial Services and the House Subcommittee on Investor Protection, Entrepreneurship and Capital Markets held a hearing Thursday morning examining the Securities and Exchange Commissions proposed Regulation Best Interest rule.
After roughly 18 months of meetings, the group is in tentative agreement on a best interest standard for annuity sales. But New York officials are adamant that the standard apply to in-force policies, a move other regulators are hesitant to make.
Sep. 4– California Insurance Commissioner Ricardo Lara apologized Tuesday for taking campaign contributions from– and scheduling meetings with– insurance industry-connected donors, and said he would halt all political fundraising until the end of the year while he works to put a stop to it. Lara’s campaign for reelection in 2020 has refunded $83,000 in such…
The Life Insurance and Annuities Committee established the Retirement Security Working Group during the NAIC Summer Meeting in New York City earlier this month. The group’s efforts could include working with the Interstate Insurance Product Regulation commissioner to develop new lifetime income products.
Motivation is high to craft advice standards that harmonize as much as possible across the financial services’ landscape, a legal expert told a LIMRA audience during a Thursday webinar. In particular, to harmonize Department of Labor rules with the Securities and Exchange Commission’s Regulation Best Interest.
A National Association of Insurance Commissioners’ working group has accelerated efforts to complete its long-delayed “policy overview” summary to accompany life insurance sales. The policy overview will accompany the Life Insurance Buyer’s Guide and regulators are considering moving up delivery of both.
The Annuity Suitability Working Group aims to tentatively finalize a standard for annuity sales by the National Association of Insurance Commissioners’ Fall Meeting in November. Debate over whether to add “prudence” to the model law dominated another 90-minute conference call Monday.
The Annuity Suitability Working Group is working through five questions in a bid to finalize an annuity sales model law that regulators have been working on for more than a year. Members are focusing on insurers in a bid to rein in annuity sales incentives.
The Annuity Disclosure Working Group is studying a proposal to increase the time indexes must be in existence to be used in annuity illustrations from 10 to 15 years. But regulators are having difficulty getting past a couple of key issues.
California Insurance Commissioner Ricardo Lara’s office said the state may push for a best-interest annuity sales rule similar to New York’s if the NAIC doesn’t tighten up its annuity sales proposal. An NAIC working group has two conference calls and an in-person meeting to discuss the rule over the next two weeks.
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.”
A magistrate judge denied a motion by Ohio National to dismiss a class-action lawsuit filed in March by Stephen Cook, a Dallas-based advisor affiliated with Triad Advisors. Judge Stephanie Bowman also recommended that the case be consolidated with a similar one brought by LPL Financial broker Lance Browning.
