Stephen Pennartz

Faegre Drinker Biddle & Reath LLP

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State Fiduciary and Best Interest Developments: Texas, Virginia and Montana

Texas, Virginia and Montana are the latest states to enact legislation or rules setting forth a best interest standard for annuity producers in recommending annuities to their customers. Each state has designed its rule to...more

7/6/2021  /  Best Interest Standard , Broker-Dealer , Consumers , Fiduciary Duty , Investment Adviser , NAICS , Securities and Exchange Commission (SEC) , State and Local Government , State Legislatures

Recent State Fiduciary Duty Developments: Idaho, North Dakota and Ohio

Idaho and North Dakota have adopted wholesale the National Association of Insurance Commissioners’ (NAIC) model suitability standard. Ohio also finalized its proposed rule adopting the NAIC model rule...more

4/6/2021  /  Annuities , Best Interest Standard , Consumer Insurance Products , Fiduciary Duty , Insurance Industry , Investors , NAIC , Proposed Rules , Standard of Care

Recent State Fiduciary Duty Developments: Alabama and Rhode Island Issue Regulations

Alabama and Rhode Island are the most recent states to issue regulations setting forth a best interest standard for annuity producers in recommending an annuity to their customers. Both regulations follow the National...more

11/24/2020  /  Anticipatory Breach , Best Interest Standard , Conflicts of Interest , Consumers , Fiduciary Duty , NAIC , Proposed Regulation , Regulation Best Interest , State and Local Government
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