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NAIC Annuity Suitability

Summary

The Suitability in Annuity Transactions Model Regulation require insurers to establish a system to supervise recommendations and to set forth standards and procedures for recommendations to consumers that result in transactions involving annuity products.

The regulation applies to any recommendation to purchase, exchange or replace an annuity made to a consumer by an insurance producer, or an insurer where no producer is involved, that results in the purchase, exchange or replacement recommended.

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Upcoming and On-Demand Webinars

DOL Fiduciary Rule Under the Biden Administration

8/11/2021 2:00 PM EDT - 3:00 PM EDT

The Department of Labor's Prohibited Transaction Exemption 2020-02, called Improving Investment Advice for Workers and Retirees, expands the definition of fiduciary advice under ERISA to recommendations about rollovers and IRA investments.

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Compliance Webinar Series

Learn about the implications of the DOL's Prohibited Transaction Exemption 2020-02 (PTE 2020-02): Improving Investment Advice for Workers and Retirees and what it means for your compliance training and education program, including supervision practices.

 

Prohibited Transaction Exemption 2020-02: Registered Broker-Dealer Compliance Considerations

This webinar discusses practical implications carriers and service providers should be thinking about as they look to comply with its requirements through the transition period (up to December 20, 2021).

 

Prohibited Transaction Exemption 2020-02 Investment Adviser Compliance and Regulatory Impacts

This Webinar is for insurance carriers, broker-dealers, advisers, and service providers to ERISA plans and IRAs.

 

Potential Compliance Implications for Insurance Carriers Relying on PTE 84-24 (and Alternatives)

For insurance carriers, broker-dealers, and investment advisers that intend to utilize the Prohibited Transaction Exemption 2020-02, a heavy compliance burden lies ahead. Firms will need to develop a comprehensive process for measuring reasonable compensation and document how inherent conflicts of interest are mitigated.

 

DOL Fiduciary Rule: Practical Implications for Insurance Carriers

This webinar discusses practical implications carriers and service providers should be thinking about as they look to comply with its requirements through the transition period (up to December 20, 2021).

 

Changes to Internal Revenue Code 7702

In this webinar you’ll learn more about the reason for the change, a high level overview of the effect on universal life and whole life as well as other short- and long-term implications for life insurer carriers.

SECURE Act Update

The Secure Retirement Institute will bring you Ben Norquist of Convergent Retirement Plan Solutions for an early high-level discussion of the Secure Act, and what you need to know and do now as you assess the impact on your retail and institutional retirement plans businesses.

NY Reg 187 for Life Insurance: Need Some Guidance?

NY Reg 187 for Life Insurance: Need Some Guidance?

Regulatory and Legislative Trends Impacting the U.S. Retirement System

Recent guidance from the Department of Labor and Internal Revenue Service as well as potential legislation have the potential to profoundly change the retirement system in the coming years.

SEC Best Interest Interplay With DOL:What Will Compliance Look Like?

SEC Best Interest Interplay With DOL:What Will Compliance Look Like?

Looking Ahead to Best Interest Standards for Life and Annuity Sales

This webinar, the first of two parts, will discuss the new “best interest" standard and related supervision requirements for insurers and intermediaries operating in New York under Amendment No. 1 to New York Insurance Regulation 187.

Looking Ahead to Best Interest Standards for Life and Annuity Sales - Part II

This webinar, the second of two parts, will expand the discussion of enhanced standards of care and related supervision requirements emerging at the state and federal levels.