Regulations

Annuity Sales Rules To Be Adopted By Year’s End

As most people nurse their holiday hangover and gear up for the upcoming New Year’s celebration, state insurance regulators are hard at work officially adopting a strengthened annuity sales model law. According to a recent article from InsuranceNewsNet, the Life Insurance and Annuities Committee will hold a conference call to adopt recent revisions of the model law on December 30. If all goes according to plan and the committee formally adopts the revamped model, it will then go to... Read More

Many States Look to Add Annuity ‘Best Interest’ Regulations

According to a recent article from InsuranceNewsNet, several states are considering the addition of a “fiduciary duty” on insurance agents in the form of new regulations, and many aren’t too happy about it. Majority of the 14 states talking about regulation are big, heavily populated states where progressives are in key political positions, like California and New Jersey.“There’s a narrative that we have to fix something but there’s no evidence that there’s something that... Read More

Advice: Choosing a Lump-Sum, Monthly Pension, Or a Bit of Both

Traditionally, employees who took part in an employer-sponsored retirement plan, or pension, had just two choices when it came to disbursement: a lump-sum payout or a monthly pension/annuity. Recently, the Internal Revenue Service (IRS) and the Treasury Department helped create a third option, allowing retirees to blend the two previous choices into one. According to a recent article from MarketWatch, those who choose to adopt the new rules can offer their workers a chance to take distributions... Read More

Kansas Judge Won’t Block DOL Fiduciary Rule, Second Win for the Regulation

A second judge has refrained from admonishing the Department of Labor’s fiduciary rule earlier this week. The Kansas federal judge rejected the insurer Market Synergy Group Inc.’s request for a preliminary injunction to block the rule, which aims to diminish conflicts of interest in the retirement advice market. Details were reported in a recent article from The National Law Journal.U.S. District Judge Daniel Crabtree spelled out, in a 63-page ruling, why he believes that Market... Read More

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

Big Flaws in DOL Rule Will Impact Fixed Indexed Annuity Industry

Many annuity organizations are unhappy with the DOL fiduciary rule and the BIC exemption in particular. Americans for Annuity Awareness' Kim O'Brien wrote an article published for Insurance News Net listing "Three Reasons Why the BIC Exemption is Flawed." The Best Interest Contract Exemption, also known as BICE, is a bone of contention for many in the annuity industry. MSG, a group of independent marketing organizations, filed a detailed lawsuit specifically related to the inclusion of fixed... Read More

After DOL Rule Dust Settles, Annuity Industry Will Shine Again

The Department of Labor's fiduciary rule has been the talk of the annuity and financial industries for months now. With the requirement timeline approaching, the talk will likely be heating up even more through the rest of the year. LifeHealthPro's Jane Wollman Rusoff wrote about a recent interview with "annuity guru" Moshe Milevsky regarding the impact of the DOL's rule. In "Milevsky: Big flaw in DOL fiduciary rule; annuities take early hit," Rusoff highlighted the interview that Milevsky did... Read More

Senate Finance Committee Helps 401k Annuity Exposure

Experts in the annuity industry have been pushing the government to make changes to regulations that would allow for more use of annuities in 401k plans. The Retirement Enhancement and Savings Act of 2016 does just that. It was recently passed by the Senate Finance Committee with an overwhelming 26 to 0 vote. This information comes from the 401k Specialist article "Beltway Bill To Help Annuities In 401(k)s Gets Boost," by John Sullivan. Committee Chairman Senator Orrin Hatch said that the... Read More

Don’t Rule Out Annuities Just Because the Industry is Changing

In this post-DOL fiduciary rule time, the annuity industry will certainly change, but in some ways will still remain the same. In the Financial Planning article "How will annuities fit in portfolios in a fiduciary world?," Chris Orlando says that there is still an important place for annuities. The industry has changed before as laws and other economic factors have forced it to and it will certainly adapt again. Annuities have been questioned for their suitability, exchange laws, whether... Read More

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