In December 2008, the U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 151A (the “Rule”) classifying equity-indexed annuities (“EIAs”) as securities, and subjecting them to federal regulation effective 2011.
With only a few key differences to overcome, the House and Senate have hammered out several points regarding the creation of an office to monitor the insurance industry as part of the currently debated financial industry reform bill.
In a letter from the National Association of Insurance Commissioners (the "NAIC") to both House and Senate leaders, state insurance commissioners urged lawmakers to designate a non-voting seat for state banking, insurance and securities regulators on the Financial Stability Oversight Council (the "FSOC").
On May 13, 2010, Wisconsin Governor Jim Doyle signed into law Senate Bill 513 ("SB 513") governing life settlements.
On March 28, 2010, the National Association of Insurance Commissioners ("NAIC") issued a press release announcing adoption of revisions to the existing Suitability in Annuity Transactions Model Regulation (the "Model").
The NAIC issued a press release earlier this month announcing its intent to hold a public hearing on the emergence of stranger originatedowned annuity transactions (“STAT”), but did not specify the date or location of the hearing.
The Connecticut Insurance Department issued a proposed regulation (the "Proposed Regulation") relating to use of senior-specific certifications and professional designations in the sale of life insurance and annuities.
On December 28, 2009, the New York Insurance Department ("NYID") issued a Notice of Emergency adoption revising Regulation 118 to implement new audit and reporting standards on an emergency basis.
During the National Association of Insurance Commissioners’ (NAIC) winter meeting, the Restructuring Mechanisms for Troubled Companies (E) Subgroup adopted the "White Paper on Alternative Mechanisms for Troubled Companies" (the "White Paper").
The National Association of Insurance Commissioners (“NAIC”) adopted a $70.9 million operating budget for 2010 at its winter meeting in San Francisco on Monday, December 7.