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DOL Fights Back Against Claims That FIA & VA BICE Exemptions Are Unlawful

***UPDATED: November 6, 2015*** On Friday, a judge denied a motion for preliminary injunction by the National Association for Fixed Annuities in its lawsuit against the DOL’s fiduciary rule, according to a recent InsuranceNewsNet article. Judge Randolph D. Moss presented a 92-page ruling that addressed all six claims in the District of Columbia District Court, including that the DOL acted “arbitrary and capricious” with its decision to add fixed indexed annuities in to the restrictive... Read More

Despite Backlash, DOL Rule Could Simplify Annuity Products

It seems like all of the annuity news lately has been in regards to the DOL fiduciary rule taking effect next April. Industry experts are either in strong favor of the rule or think it is a terrible regulation that will negatively impact the industry. In "DOL Rule Will Lead To Simplification Of Many Retirement Products," Cyril Tuohy said that many industry experts believe that the rule will help simplify retirement and annuity products for everyone involved. Distributors will also be forced to... Read More

How Clients’ Annuity Products Will Be Affected By DOL Rule

In the article, "5 questions clients may ask about the DOL fiduciary ruling," LifeHealthPro's Peggy Bresnick looks at the consumer's concerns about the new regulations. Consumers are wondering how their investments might be affected as well as how their relationship with their advisor might change. Both fixed indexed annuities and variable annuity products are now subject to BICE requirements, or the Best Interest Contract Exemption. The heightened fiduciary standards will affect advisors and... Read More

Nine Groups Suing DOL over Indexed and Variable Annuity Rule

Everyone in the financial industry has been talking about the new DOL fiduciary rule that changed the regulations for both variable and fixed indexed annuity products. Some consumer groups think that this is a positive change for consumers, but may not be taking into account the ramifications for the insurance industry that could change the overall products. Those who sell annuity products are up in arms and worried that their industry will be negatively impacted for the long term. Many groups,... Read More

Expert Says Effects from Fiduciary Rule Will Be Devastating for Annuities

The upcoming Presidential election has the country divided politically, both in party and between Republicans and Democrats. There is a similar division in the financial industry over the Department of Labor's impending fiduciary rule. In the Insurance News Net article "The Commission Conundrum: How Are UK Consumers Doing?", Kim O'Brien looked at the current situation in the UK after a similar rule took effect back in 2013. O'Brien is currently the vice chairman and CEO of Americans for Annuity... Read More

A Possible Future of Mandatory Retirement Savings

Americans in general seem to dislike being told what to do.  The firestorm against President Obama's Affordable Care Act, which requires all Americans to carry health insurance policies, has been unavoidable.  But still, BlackRock Inc.'s CEO thinks that Americans need to be forced into saving for their retirement.  It certainly is easy not to save for retirement, especially when many Americans are struggling just to make ends meet.  Retirement seems far away and there is a chance that we... Read More

Annuity Trends Hint At Positivity

Some interesting happenings in the annuity market could likely be a jump-start for the industry, according to Insurance News Net's "Annuity Surprises Could Be Jump-Starters."  Annuity sales have been slower than in the past, but some recent data hints that overall sales could be increasing soon.  The DTCC's Insurance & Retirement Services reported a 1% increase in annuity inflows between April's $7.4 billion and May's $7.5 billion.  This small increase is important because the overall... Read More

FINRA Doles Out Annuity Selling Punishment

Lesson learned for Robert Joseph Kennedy III, a financial advisor in New York.  Don't break the rules when it comes to selling annuities, even if it seems like a minor infraction or your firm says it will be fine.  FINRA works hard to make sure that financial advisors are meeting standards and following rules when it comes to the financial industry, so just follow the rules and your business will run smoothly.  According to Bill Singer's Forbes article, "FINRA Rejects A New York State of... Read More

Make Sure Your Annuity is "Medicaid Compliant"

The cost of long term care can be upwards of $100,000 a year and many Americans have not planned ahead by purchasing long term care insurance.  This information comes from the Pittsburgh Post-Gazette's article "Elder Law: Annuity valuable option in a crisis," by Julian Gray and Frank Petrich.  If you don't have that insurance, you will likely have to spend down all of your money to near poverty levels in order to receive Medicaid benefits for long term care in nursing home facilities.  But... Read More

More States Ensure Best Annuities for Consumers This Summer

Four more states and the District of Columbia will ensure that consumers are getting the best annuities by the end of this summer, according to Linda Koco of Insurance News Net.  In "More Annuity Suitability Rules Going into Effect This Summer," the Annuity News editor says that the newest states to adopt the NAIC's rules will be Rhode Island, Oregon, Ohio, North Dakota and Washington D.C.  The NAIC's Suitability of Annuity Transactions Model Regulation (NAIC 2010) has been a model for many... Read More

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