Governor Cuomo, in response to the federal tax reform's near-elimination of the state and local tax (SALT) deduction, is proposing to overhaul the New York State tax code and warns of a potential legal challenge against the federal government. Details available HERE.
As the DOL hits "pause" on full implementation of its fiduciary duty rule, New York regulators have proposed a "best interest" standard of their own, one that would apply to all life insurance products and would extend beyond the current suitability requirement. Details HERE.
A new study by American Century Investments finds that employees significantly regret their decisions not to save more for retirement early in their careers. It also finds that - although the promise of higher income may seem more appealing - most survey respondents would rather have their employers match their savings contributions. Eight (8) out of [...]
Annuity sales fell below the $50 million mark in the 3rd quarter of 2017 - dropping to a 15-year low - according to a study by the LIMRA Secure Retirement Institute. Initial implementation of the Department of Labor's (DOL) fiduciary duty rule on June 9th was partly to blame, say researchers, particularly regarding IRA contracts for variable [...]
Millennials who work at independent insurance agencies are so enthusiastic about their industry, that the vast majority – 82 percent -- are encouraging their friends and family to also get into the line of work, according to Vertafore’s “Millennials in Insurance” survey. Read more HERE.
DFS has issued, without announcement or public notice, an extension of the filing deadline until October 30. The language, posted quietly on the DFS web site, is a bit unclear and may create more confusion than previously existed: The Department has extended the initial period for making the filing of the Notice of Exemption required by [...]
Our NAIFA Chautauqua association kicked off its 2017-2018 year with a Board meeting and luncheon on Tuesday, September 19th. NAIFA-NYS' Legislative Director, Mark Yavornitzki, was pleased to drive out to Jamestown to renew the state's ties with this small but very active local. Mark spoke about how the state is becoming a stronger voice within the NAIFA federation [...]
The Department of Financial Services (DFS) today announced the adoption of a new regulation that focuses on life insurance company practices related to increases in the premiums or charges of certain life insurance and annuity policies. The regulation gives DFS the ability to review increases prior to implementation and to ensure compliance with law, by requiring life insurers [...]
In response to frequent interested-party requests for guidance, including from NAIFA-NYS, regarding how to comply with the new cyber-security regulation, the DFS recently released answers to two critical concerns: (1) whether certain covered entities can file notices of exemption for their employees and captive agents and (2) when covered entities should report cyber attacks. Read the new DFS guidance [...]
A recent survey of 1,001 adults finds that 37 percent of them do not have life insurance, and nearly 60 percent of that group thinks the coverage is just too expensive. Those without life insurance also tend to believe that they're healthy and don't need coverage yet (51 percent). And millennials? They overwhelmingly lack life insurance, mostly (71 percent) because [...]