As reported in our November 28 client alert, the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group (Suitability WG) circulated the proposed Suitability and Best Interest Standard of...more
1/15/2018
/ Annuities ,
Best Interest Contract Exemptions ,
Consumer Financial Products ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Services Industry ,
Individual Retirement Account (IRA) ,
Insurance Industry ,
Investment Adviser ,
Investment Management ,
Life Insurance ,
Popular ,
Regulatory Oversight ,
Retirement Plan
Watching as legislators, regulators, and policymakers’ consider what changes, if any, are necessary for insurers’ use of big data and algorithmic tools, is like being visited by the Ghosts of Christmas Past, Present, and...more
The National Association of Insurance Commissioners held its Fall National Meeting December 2-4 in Hawaii, saying aloha to 2017 and aloha to 2018. Key takeaways include...more
New York’s Department of Financial Services decided to bid farewell to 2017 and ring-in the new year by proposing to amend Suitability in Annuity Transactions, 11 NYCR 224 (the Annuity Suitability Rule). On December 27, 2017,...more
1/2/2018
/ Annuities ,
Best Interest Contract Exemptions ,
Consumer Financial Products ,
Disclosure Requirements ,
Fiduciary Rule ,
Financial Services Industry ,
Insurance Industry ,
Investment Management ,
Life Insurance ,
NAIC ,
NYDFS ,
Proposed Amendments ,
Regulatory Standards ,
Suitability Requirements ,
Suitability Rule
Regulators Demand Third-Party Risk Management -
While third-party risk management has been a required component of an effective enterprise risk management program for many years, the topic is receiving elevated attention...more
4/18/2017
/ Article III ,
Clean Shares ,
Elder Abuse ,
Exploitation ,
Fiduciary Exception ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Injury-in-Fact ,
Insurance Industry ,
Insurance Litigation ,
Life Insurance ,
Mutual Funds ,
NAIC ,
Reinsurance ,
Sales Commissions ,
Securities and Exchange Commission (SEC) ,
Securities Settlement Cycles ,
Spokeo v Robins ,
Standing ,
Third Party Funding ,
Third-Party Risk ,
Unfair Competition Law (UCL) ,
Variable Annuities ,
Vulnerable Victims
On October 25, the Consumer Financial Protection Bureau (CFPB) released its "Project Catalyst Report: Promoting Consumer-Friendly Innovation." ("CFPB Report"). The CFPB Report reviews what the CFPB "has learned about a range...more
On September 21, the United Kingdom's financial regulator, the Financial Conduct Authority (FCA), released a "Feedback Statement" after completing a review of insurance industry responses to its November 2015 "Call for...more
9/22/2016
/ Big Data ,
Data Protection ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Insurance Claims ,
Insurance Industry ,
Price Discrimination ,
Price Optimization ,
Risk Assessment ,
UK ,
Underwriting
Innovators are not only disrupting the financial industry but also financial regulation as regulators weigh how to monitor financial technology (fintech) innovators and their new products and services. As they begin to...more
8/26/2016
/ ASIC ,
Banks ,
Big Data ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Insurance Industry ,
OCC ,
Popular ,
Price Optimization ,
Regulatory Oversight ,
Technology Sector