Advisers Reflect on How the Annuity Sales Process Could Be Improved
A new survey shows experience clearly counts when it comes to how comfortable advisers are selling annuity products in an evolving regulatory and economic landscape.
Tag: NAIC
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Legislative and Judicial Actions
Financial assistance for multiemployer plans; faith-based entities may now benefit from the public student loan forgiveness program; FINRA project examines how regulators can support diversity; and more.
Producers Beware: More States Adopt NAIC Annuity Suitability Framework
Earlier this month, Alabama became the 13th state to adopt enhanced consumer protections for purchasers of annuities, based on a framework put forward by the National Association of Insurance Commissioners.
New York Annuity Suitability Law Struck Down by State Appeals Court
Though significant in its own right, the appellate ruling could potentially be stayed if (and when) it is appealed to the New York Court of Appeals, which is the state’s highest court.
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Legislative and Judicial Actions
States updating annuity standards; Senate confirms a Labor secretary; GAO presses the DOL to clarify cybersecurity guidance; and more.
From Ohio to Virginia, More States Look to Update Annuity Standards
The states’ embrace of the NAIC annuity transaction suitability framework comes as experts are raising broader questions about the durability of the SEC’s Regulation Best Interest, on which the insurance standards are partly based.
Busy Days Ahead for SEC Leadership, Chair Gary Gensler
Among the more telling chapters in Gensler’s biography is his work helping to draft the Sarbanes-Oxley Act as a senior adviser to former U.S. Senator Paul Sarbanes in the wake of the Enron scandal.
OMB Has Received a Final Fiduciary Rule From DOL
The sense of déjà vu associated with the filing of a finalized fiduciary rule by the Department of Labor is palpable, but one ERISA expert says this version could actually stick—for good—despite the pending change in administration.
SEC Chair Clayton Confirms Plan to Step Down at Year’s End
Jay Clayton’s stint at the helm of the Securities and Exchange Commission included oversight of the Regulation Best Interest finalization and implementation process, among other important projects.
Arkansas Is Latest State to Consider NAIC Annuity Sales Standards
The state’s Insurance Department Rule 82, which may soon be updated to match a suitability framework recently adopted by the National Association of Insurance Commissioners, seeks to address conflicts of interest among annuity providers and their proxies.
Decade of Debate Continues at DOL Fiduciary Rule Hearing
If the fiduciary rule saga has made one thing clear, it is that creating consensus about conflict of interest regulations is hard work. Even supporters of the new Department of Labor proposal say there is room for improvement.
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New Fiduciary Rule Ahead
The main theme of the DOL’s new rule proposal is in alignment with other regulators—the SEC and FINRA in particular—but the agency is not surrendering its jurisdiction over tax-qualified retirement plans.
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DOL’s New Proposed Fiduciary Rule Aligns With Reg BI, NAIC Suitability
Multiple national-level conflict of interest rules are now aligned that will require financial professionals to act in the best interest of consumers.
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Legislative and Judicial Actions
Key legislation, regulations and litigation from Washington, D.C., and the courts.
NAIC Approves ‘Best Interest’ Standard for Annuity Sales
The National Association of Insurance Commissioners sees its new conflict of interest regulations as working in harmony with the Securities and Exchange Commission’s Regulation Best Interest.
NAIC Committee Advances Annuity Transaction Suitability Rules
Notably, the proposed revisions to the Suitability in Annuity Transactions Model Regulation would provide a safe harbor for firms and producers that comply with the SEC’s Regulation Best Interest.
State Insurance Regulators Seeking Harmony with Reg BI
The National Association of Insurance Commissioners is seeking to update its rules and restrictions on the sales of annuities so they better harmonize with the SEC’s Regulation Best Interest.
Comment Deadline Arrives for NAIC Annuity Sales Best-Interest Rule
The standard-setting and regulatory support organization governed by the chief insurance regulators of all 50 states set today as a deadline for industry comments on the latest draft of a model best-interest suitability standard applying to annuity sales.