Arizona is the latest state to consider its own regulation of annuity sales with a Senate bill that is moving quickly through the Legislature. The Arizona version would ban the use of indices that have not been in existence for more than 10 years in all fixed indexed annuity illustrations.
Read moreSeventy percent of the financial services executives surveyed said their institutions have either recently completed an update of their risk management program or have one in progress.
State insurance commissioners are wrestling with whether to adopt a ‘best-interest’ standard, either explicitly or implied. What would the implications of that move be?
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.
A National Association of Insurance Commissioners’ working group debated its annuity sales model throughout 2018 — mostly without success due to a few thorny issues. Finally, they put out a draft rule that skipped over many of those issues and accepted comments through Feb. 15. Those comments were released today.
The Illinois House of Representatives today voted to pass a $15 minimum wage, following Senate passage earlier this month. Illinois is poised to become the fifth state in the nation- and the first in the Midwest- to adopt a $15 minimum wage. The state follows closely after New Jersey, which adopted $15 earlier this month, and joins Massachusetts, New York, and…
Seventy percent of the financial services executives surveyed said their institutions have either recently completed an update of their risk management program or have one in progress.
A National Association of Insurance Commissioners’ subgroup had disagreement today during its first conference call today on IUL illustrations. The issue is whether IUL multipliers are fooling consumers into under-funding policies, or an appropriate risk-reward option.
A letter signed by 14 IMO executives was sent last month to the leading trade associations that represent annuity sellers. They say trade groups are too accepting of best-interest ideas put forth by the National Association of Insurance Commissioners.
With the Federal Reserve considered sure to leave interest rates unchanged Wednesday, investors will be looking to hear Chairman Jerome Powell sound a reassuring theme that a pause in the Fed’s rate hikes could last a while. With inflation remaining tame, the rationale to tighten credit has become less compelling.
Released last week, Nevada is seeking comments on its fiduciary duty proposal by March 1. Under the proposal, broker-dealers and sales representatives are subject to a fiduciary duty when providing investment advice. But they can qualify for an episodic exemption if they need the criteria.
In a report released last week, the Maryland Financial Consumer Protection Commission is recommending that a “fiduciary duty standard” be placed on broker-dealers and insurance agents doing business in the state. Companion legislation is expected to be introduced soon, state officials say.
Today, Congresswoman Maxine Waters, Chairwoman of the House Committee on Financial Services, delivered the following remarks during her first policy speech in the 116th Congress:. CAP’s research and policy work are highly respected and a valued resource for Members of Congress and our staffs. I am very pleased to be here with you today to discuss the new…
Despite much speculation from various industry sources saying that the SEC could have a final Regulation Best Interest rule as early as the first quarter, no one knows when in 2019 to expect the final ruling. The government shutdown has likely put work behind schedule and little is getting done, analysts say.
Authorities say Ronald Warren Powell accepted more than $800,000 of investor funds and misappropriated those funds for his personal benefit instead of investing the money. Powell also received money from two victims paying life insurance premiums, but he failed to remit those premiums to the appropriate insurance companies.
The Securities and Exchange Commission today announced that three broker-dealers have agreed to pay more than $6 million to settle charges for providing the SEC with incomplete and inaccurate securities trading information in required SEC productions known as “blue sheet data,” which the SEC uses to carry out its enforcement and regulatory obligations,…
Today the Vermont Department of Financial Regulation announced it has entered into a settlement agreement with LPL Financial LLC that requires the firm to pay the State of Vermont $499,000 and to repurchase certain securities sold to Vermonters dating back to October 2006. A $400,000 civil penalty will be deposited into the state’s General Fund with the…
State insurance commissioners are wrestling with whether to adopt a ‘best-interest’ standard, either explicitly or implied. What would the implications of that move be?
The National Association of Insurance and Financial Advisors’ New York chapter filed a lawsuit to stop the state’s controversial best-interest rule. The rule is “arbitrary and capricious” and was crafted outside of the New York Legislature, the lawsuit claims, which has the proper authority.
