News Alerts

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House Committee Passes the SECURE Act Retirement Bill

By | April 3rd, 2019|Categories: News Alerts|

In what is, these days, a remarkable show of bipartisanship, the U.S. House Ways & Means Committee approved - unanimously - on April 2 a bill that would expand options for retirement savings.  The Setting Every Community Up for Retirement Enhancement (SECURE) Act, or H.R. 1994, would make it easier to offer annuities in 401(k) and [...]

House Panel Holds Hearing on the SEC’s Regulation Best Interest Proposal

By | March 15th, 2019|Categories: News Alerts|

Members of the U.S. House Committee on Financial Services, under its newly emboldened Democratic leadership, held a March 14 hearing that looked dubiously at the SEC’s proposed Regulation Best Interest.  What prompted the hearing is the fact that the SEC, at least as of now, is developing a principles-based way to upgrade suitability rules, rather than [...]

NAIFA Weighs in on NAIC “Enhanced Suitability” Draft Regulation

By | February 20th, 2019|Categories: News Alerts|

In a February 15 comment letter to state insurance regulators at the National Association of Insurance Commissioners (NAIC), NAIFA joined with the AALU, the Financial Services Institute (FSI), and other groups to endorse a "best interest" standard of care.  The letter responded to a draft NAIC "enhanced suitability" model regulation--which has been in the works at [...]

Governor Nominates New DFS Superintendent

By | January 7th, 2019|Categories: NAIFA-NYS Legislative Updates, New York Issues, News Alerts|

Governor Andrew Cuomo officially announced on January 4 his nomination of Linda Lacewell, his Chief of Staff, to replace outgoing Dept. of Financial Services (DFS) Superintendent Maria T. Vullo, who is slated to leave DFS by the end of January.  Ms. Lacewell was an assistant U.S. attorney in Brooklyn before joining the NYS Attorney General's office [...]

DFS Supt. Vullo Announces Her Departure

By | December 19th, 2018|Categories: NAIFA-NYS Legislative Updates, New York Issues, News Alerts|

Superintendent Maria T. Vullo has announced that she will leave the Department of Financial Services (DFS), effective February 1, 2019, after nearly three years heading the agency.  Under her leadership, the DFS has promulgated controversial cyber-security and "best interest" suitability regulations, among other initiatives.  Superintendent Vullo's statement is available HERE.

U.S. Life Expectancy Drops for 3rd Consecutive Year

By | November 29th, 2018|Categories: News Alerts|

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 [...]

NAIC “Enhanced” Annuity Suitability Draft Has Its Critics

By | October 30th, 2018|Categories: News Alerts|

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.  [...]

NAIC Annuity Suitability Group is “Deeply Split” over In-Force Policy Issue

By | October 23rd, 2018|Categories: News Alerts|

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 [...]

NAIC Moves Forward with New Approach to Annuity “Suitability”

By | October 15th, 2018|Categories: News Alerts|

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) [...]

The DOL Fiduciary Duty Rule Is Dead

By | June 21st, 2018|Categories: News Alerts|

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 [...]