In 2017, according to the Center for Disease Control and Prevention's National Center for Health Statistics (NCHS), the average American could expect to live 78.6 years. That's a shorter life expectancy than in 2016 and even shorter than in 2015 and is attributable to a rise in suicides and drug overdose deaths, in numbers that offset 2017's declines in heart-related [...]
An NAIC working group has developed a draft regulation imposing tougher annuity suitability standards, but the proposal doesn't go nearly far enough for some interested parties, including a consumer representative who often weighs in critically on regulator efforts. The NAIC likely will not adopt the tougher regulation, however, until the SEC finalizes its "best interest" rule. Read more HERE.
The National Association of Insurance Commissioners (NAIC) Annuity Suitability Working Group--which is plodding its way through creation of an enhanced suitability regulation for annuities--is divided on whether to apply the tougher standards to in-force transactions. At a recent Working Group meeting in Chicago, New York led the effort to apply enhanced suitability to in-force policies (just like Regulation 187 in [...]
State regulators on the NAIC Annuity Suitability Working Group--which is charged with revamping the NAIC's model annuity suitability regulation in light of growing interest in "best interest" standards--will meet in Chicago on October 22-23. The purpose is to resolve dozens of proposed amendments to the model, so that the full NAIC Life Insurance and Annuities (A) Committee can consider the [...]
On June 21, the 5th Circuit Court of Appeals issued a mandate that made effective the Court's March 15 decision vacating - in full - the Department of Labor (DOL) fiduciary duty rule. The mandate also required the DOL to reimburse plaintiffs for their legal costs to appeal. The Court was expected to hand down its mandate on May 7 [...]
Life Agents to Regulators: Slow Down So We Have a Chance to Chat - NAIFA-NYS Advocating DFS to Suspend Reg 187 Effort Until All Interested Parties Can Roundtable Issues and Ideas Albany, New York, June 19, 2018 — The National Association of Insurance and Financial Advisors-New York State on Friday announced that it has requested the Department of Financial [...]