A new study reveals that more than 1,500 data breaches were reported to the NYS Attorney General in 2017--a significant jump from 2016--and that the personal records of 9.2 million New Yorkers (thanks largely to the Equifax breach) were exposed. The findings have prompted Attorney General Eric Schneiderman to push for new cyber-security legislation that he says [...]
The New York State Senate on March 27 overwhelmingly passed a NAIFA-NYS-initiated bill requiring the Superintendent of Financial Services to grant six continuing education credits for all active members of a statewide professional insurance producer association passed the State Senate today. The top priority bill on the 2018 NAIFA-NYS affirmative legislative agenda, S3960 - sponsored by Senate [...]
In a decision that took many observers by surprise, the 5th Circuit Court of Appeals, based in Texas, vacated in full the Department of Labor's (DOL) controversial fiduciary duty rule on March 15, 2018. The Court determined that DOL exceeded its statutory authority, among other concerns. As of this writing, the future of the rule and potential [...]
NAIFA-NYS Releases First-of-Its-Kind Cyber-Security Tool for Life Agents, Responds to DFS Regulation
Albany, New York, January 29, 2018 — The National Association of Insurance and Financial Advisors-NYS (NAIFA-NYS) today announced a first-of-its-kind compliance tool to assist New York life agents to comply with the state’s new cyber-security insurance regulation. The tool is now available through the association’s web site at www.naifanys.org. “The cyber-insurance regulation promulgated by the New [...]
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.
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 [...]