The House Financial Services Committee passed alternative legislation that would govern retirement investing Wednesday, but the vote fell short of bipartisanship. The bill, called the Retail Investor Protection Act (RIPA), is sponsored by Rep. Ann Wagner, R-Mo. Seen as an alternative to the Department of Labor’s fiduciary only rule, the Retail Investor Protection Act passed by [...]
Little talk of the proposed fiduciary rule has emerged from the US Labor Department since its public hearing on the issue. Opponents of the Department of Labor’s attempt to regulate broker-dealers say they anticipate a pitched fall battle over the so-called Conflict of Interest Rule. Since the DOL’s four-day public hearing wrapped up two weeks ago, [...]
The Department of Labor has proposed new regulations that will have serious consequences for insurance and financial advisors and their clients planning for retirement. The proposed rule would redefine a retirement investment advice fiduciary under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code.As a result, many NAIFA members who have operated effectively [...]
Thanks to efforts driven by NAIFA-NYS, needed changes to New York State Insurance Regulation 60, which pertains to the replacement of life insurance policies and annuity contracts, were adopted by the Department of Financial Services on January 21, 2015, take effect Tuesday, April 21, 2015. The regulation, known in the insurance industry as “Reg. 60,” was [...]
On January 21, 2015, The Department of Financial Services of NYS published the attached notice. We invite you read the publication highlighting NAIFA-NYS comments supportive of the changes. Twenty years in the making, but now ENACTED! (Excerpt below. See the complete changes here.) Click here for more information.
NAIFA – NYS 2015 Legislative/Regulatory Position Paper summarizing the issues that have been identified to date and are being addressed by the association. Click here for more information.
Issue: Agent Licensing Reform Date: January 8, 2015 Action Taken: As one of their first acts of the new Congress, the U.S. House of Representatives and U.S. Senate have passed long-time NAIFA-supported agent licensing reform legislation known as the National Association of Registered Agents and Brokers (NARAB II). The bill, contained in the reauthorization of the [...]
The DFS would like to advise you that the notice of adoption of the revised Reg 60 will be published in the Jan 21 issue of the State Register, and so the amendments will take effect 90 days thereafter. Michael Maffei Assistant Deputy Superintendent and Chief Life Bureau
Sen. Tom Coburn, R-Okla., is blocking a Senate vote on reauthorizing the Terrorism Risk Insurance Act backstop, which is set to expire at year-end. Coburn disagreed with a provision attached to the bill that aimed to ease insurance agents' licensing across state lines. "If we change the bill it's gone," said Senate Majority Leader Harry Reid, [...]
NAIFA-supported insurance agent licensing reform legislation known as the National Association of Registered Agents and Brokers (NARAB II) is poised to become law. Yesterday, the House of Representatives overwhelmingly passed S.2244, the Terrorism Risk Insurance Program Reauthorization Act - which contains the legislative text of NARAB II. A Senate vote is now imminent. Your action is [...]