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 [...]
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 [...]
Seeming to acknowledge that Senate legislation to "repeal and replace" the Affordable Care Act (a.k.a. Obamacare) faces insurmountable odds, Senate President Mitch McConnell pushed during a speech in his home state, Kentucky, for more limited reform. A more targeted approach, he said, could focus on improving the private health insurance market. Unlike the pending legislation, which requires [...]
Not satisfied with the federal Dept. of Labor (DOL) fiduciary rule, Nevada is imposing - effective July 1, 2017 - its own fiduciary standard on all "financial planners," which under the new law will include broker-dealers and investment advisors. The law also gives additional rulemaking authority to the Nevada securities administrator, among other provisions. Details available HERE.
Newly minted Department of Labor (DOL) Secretary Alexander Acosta announced on May 23 that the DOL will let initial implementation of the rule, first slated for April 10, go forward. Writing in a Wall Street Journal op-ed, Acosta also said that DOL will reassess the entire rule, as required by President Trump in February, after receiving additional public comment. The two requirements that kick in [...]
GOOD NEWS: A key Senate panel in Colorado has rejected legislation to establish a controversial government-run retirement plan. NAIFA-NYS staunchly opposes a similar bill in New York. Read more here.
Albany, New York, April 5, 2017 — Responding to recent reports citing population declines in most New York counties, the National Association of Insurance and Financial Advisors-New York State (NAIFA-NYS) today called upon Governor Cuomo and the legislative leaders, Senator John Flanagan and Assemblyman Carl Heastie, to immediately take up the issue of the state's population [...]