DOL Fiduciary News: January 3, 2018
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States Moving ‘Aggressively’ on Insurance Regulation, Expert Says
InsuranceNewsNet; January 2, 2018
The Trump administration is hollowing out regulations to the benefit of industries across the board, delivering on a central campaign theme.
When it comes to insurance, however, there is only so much that Washington officials can do. State insurance commissioners continue to wield the most regulatory power, and are expected to act “aggressively” in 2018, said Howard Mills, global insurance regulatory leader for Deloitte.
“The state insurance regulatory structure is back to being largely the only game in town and they’re moving ahead pretty aggressively on everything, whether it’s cybersecurity, consumer protection, use of big data,” Mills said. “They’re very, very vigorously moving ahead.”
The main issue on the table is extension of the fiduciary standard. Trump’s team managed to delay the most punitive aspects of the Obama-era Department of Labor fiduciary rule until July 1, 2019. In the interim, analysts expect the DOL to weaken the rule significantly .
But it might not matter if states continue to push fiduciary standards of their own. In fact, it might make it worse.
What to expect on the regulatory front in 2018 [podcast]
InvestmentNews; Jan 2, 2018 @ 12:15 pm
The Securities and Exchange Commission enters 2018 with five members for the first time in more than two years. Now at full strength, the agency should be able to better pursue Chairman Jay Clayton's agenda, according to Karen Barr, president and chief executive of the Investment Adviser Association.
In this podcast, Ms. Barr also talks about the likely direction of the SEC's and Labor Department's efforts on a fiduciary rule for investment advice.