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Fiduciary Duty Consumer Insurance Products

Carlton Fields

Expect Focus - Volume I, January 2025

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The Mysterious Boundary Beyond Which “Personal” Relationships Jeopardize a Director’s Independence - In a recent enforcement action, the SEC concluded that the relationship between James Craigie and an officer of Church &...more

Faegre Drinker Biddle & Reath LLP

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

Carlton Fields

Reg BI Compliance Countdown: T-Minus Six Months

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As the June 30, 2020, compliance date approaches, broker-dealers are taking steps to implement Regulation Best Interest (Reg BI), which establishes a new standard of conduct when making recommendations to retail customers of...more

Carlton Fields

Multiple Plaintiffs Take Shot at SEC Regulation Best Interest

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The Securities and Exchange Commission’s Regulation Best Interest faces a bumpy road in the wake of recent lawsuits challenging the appropriateness and effectiveness of the rule....more

Carlton Fields

Unpacking the SEC’s Regulation Best Interest Package

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On June 5, 2019, the SEC adopted a four-part regulatory package that includes: new Regulation Best Interest (Reg. BI), the related “Relationship Summary” disclosure form (Form CRS), and two interpretations of the Advisers...more

Herbert Smith Freehills Kramer

Maryland Legislation Would Impose Fiduciary Standard On Insurance Producers

Legislation proposed in the Maryland Senate (Senate Bill 786, introduced on Feb. 4, 2019) would impose fiduciary duties on insurance producers, such as agents and brokers, that are subject to licensure in the state....more

Carlton Fields

Challenging New York’s “Best Interest” Standard: A Comparison to COCUS

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Recent challenges filed by trade associations representing insurance agents in the state of New York seek to overturn the amendment of Regulation 187, which will impose a “best interest” standard on life insurance agents in...more

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