Best interest

New York’s New “Best Interest” Regulation 187 Applies to Annuity Transactions on August 1—Are Producers Ready? Here’s What You Need to Know.

Topics: Best interest, Regulatory

July 17, 2019 WRN 19.07.17 Whether producers are ready or not, New York’s new “Best Interest” rule Regulation 187 (“the Rule”) will first apply next month, August 1st, for annuity transactions, and on February 1, 2020 for life insurance transactions. As we summarized in our previous Issue Alert, the Rule makes important changes that require…

Nevada Best Interest Reg; PODCAST; Inside the Problem Solvers Caucus; Congressional Vacancies; Liability Heads Up on Data

Topics: Advisor standard of conduct, Best interest, Congress, DOL, Fiduciary, NAIC, Regulation, SEC

March 08, 2019 AALU Submits Comments on the Nevada Standard of Care Proposal In January, the Nevada Securities Division (NSD) proposed a set of fiduciary rules, implementing a law enacted in 2017. The NV law that this regulation is based on expanded the types of financial professionals that are subject to Nevada’s existing fiduciary standard.…

Best Interest & Clawback Comments; AALU Ambassadors Engage with New Members; Endorsed Candidate Spotlight

Topics: Best interest, Congress, Estate tax, NAIC, Regulation

February 22, 2019 In-District Spotlight – AALU Members Engage Lawmakers at Home When Members of Congress leave D.C. and head back to their home States, it’s sometimes referred to as “recess.” Lawmakers call this time in-district work periods. Most members use this time to traverse the sometimes-vast geography they represent to dedicate quality time with…

The SEC Standard of Care Proposal and Best Interest Regulation: Where Do We Go from Here?

Topics: Advisor Standard of Care, Best interest, Regulation, SEC

Join us as Bridget McNamara-Fenesy, CEO & President of M Holdings Securities, and Jim Lundy, Partner at Drinker Biddle discuss the SEC’s Standard of Care Proposal and AALU’s engagement to date, as well as the Proposal’s intersection with best interest efforts at the state level. Bridget and Jim will review the key tenets of the…

New York State Releases Final Best Interest Regulation

Topics: Advisor/Producer Standard of Conduct, Best interest, Regulation

Yesterday afternoon, the New York Department of Financial Services issued a final best interest rule. As expected, the final rule applies to both life insurance and annuity products, including in-force life insurance policies. While there were positive changes to the rule—for example, it limits the scope on in-force policies to transactions generating new sales compensation—it…

New York State Best Interest Re-Proposal for Annuity and Life Insurance Products – Second Comment Period Closes

Topics: Advisor/Producer Standard of Conduct, Best interest, Regulation

New York State Best Interest Re-Proposal for Annuity and Life Insurance Products – Second Comment Period Closes Thursday, 21 June 2018 WRN 18.06.21 On April 27, the New York Department of Financial Services (DFS) re-proposed its best interest standard for life insurance and annuity products. The deadline for comments was June 15, and AALU…

WRN#18.05.04

Topics: Best interest, Regulation

On April 27th, New York State re-proposed its best interest standard for life insurance and annuity products—the original proposal was issued in December 2017. The linked piece below summarizes the re-proposal, and we will be providing more details in the near future. There are a number of concerning provisions in the re-proposal, and with a…