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2 min read

NAIFA, ACLI Sue to Overturn New Fiduciary Rule

By NAIFA on 6/14/24 2:45 PM

On May 24, a group of nine industry organizations, including NAIFA and the American Council of Life Insurers (ACLI), filed a lawsuit seeking to overturn the Department of Labor’s (DOL’s) newly finalized fiduciary rule. Joining NAIFA and ACLI in the lawsuit are NAIFA-Texas, NAIFA-Fort Worth, NAIFA-Dallas, NAIFA-Piney Woods of East Texas, the National Association of Fixed Annuities (NAFA), the Insured Retirement Institute (IRI), and Finseca.

Topics: SEC DOL Fiduciary NAIFA
4 min read

Final Fiduciary Rule Heads to Court

By NAIFA on 5/15/24 2:01 PM

On April 23, the Department of Labor (DOL) finalized its new fiduciary rule and its accompanying amendments to prohibited transaction exemptions (PTEs) 2020-02 and 84-24. The new rules would take effect September 23, but they have already triggered the first of what are likely to be multiple court challenges to them. Those court decisions could impact the effective date. And Congress is likely to vote on a Congressional Review Act (CRA) motion to block the rules, although even if a CRA motion passes both the House and Senate, President Biden will surely veto it.

Topics: Retirement 401(k) SEC Congress DOL Fiduciary
1 min read

Annuities in the Crosshairs

By NAIFA on 5/15/24 1:52 PM

Not only are fixed annuities now within the scope of the final fiduciary rule, but also a key tax writer is seeking information from the 12 biggest annuity writers about how annuities are sold. It appears that annuities are approaching being at the center of both Congressional and regulatory attention.

Topics: Legislation & Regulations SEC Congress Fiduciary Mass Mutual
2 min read

House Hearing Lambasts DOL’s Proposed Fiduciary Rule

By NAIFA on 3/15/24 3:35 PM

On February 14, a subcommittee of the House Education & the Workforce Committee held a hearing on the Department of Labor’s (DOL’s) proposed new fiduciary rule. Generally, most witnesses and the subcommittee’s Republicans lambasted the proposed rule, saying it would adversely impact retirement savers.

Topics: Legislation & Regulations SEC Congress DOL NAIC Regulation Best Interest
1 min read

Forty-Five States Adopt the National Association of Insurance Commissioners Model for Suitability in Annuity Transactions

By NAIFA on 3/15/24 1:50 PM

As of March 2024, 90% of states have adopted the NAIC Best Interest Model. Vermont, New Hampshire, California, and Indiana are the most recent states to align in uniformity with other states who enacted the NAIC Model. This milestone was achieved as the Department of Labor (DOL) chose to advance its proposed and revived fiduciary-only proposal, “Retirement Security Rule,” for review by the White House Office of Management and Budget (OMB). Unlike this proposal, the best interest standard adopted in 45 states, ensures that all savers, particularly financially vulnerable middle-income Americans, can access information about different choices for long-term security in retirement.

1 min read

SEC Issues Proposed Rule on RILA Implementation

By NAIFA on 10/16/23 11:38 AM

On September 29, the U.S. Securities and Exchange Commission issued a proposed rule to implement the Registration for Index-Linked Annuities (RILA) Act, which directed the SEC to devise a new form for annuity issuers to use when filing registered index-linked annuities (RILAs). That legislation was enacted in December 2022 as part of the Consolidated Appropriations Act, 2023 which also included the Secure 2.0 Act.

Topics: Life Insurance & Annuities Legislation & Regulations SEC