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Regulatory Issues

DTCC Offers New Licensing & Appointments Tool

November 30, 2008 - LNA Access allows distributors to manage appointments in one application directly online. This tool almost entirely removes the need for manual intervention by the carrier.

SEC Reviewing 4,000 Comments on Indexed Annuity Rule, Official Says

November 16, 2008 - Traditional fixed annuities and so-called synthetic annuities will not be affected by proposed Rule 151, a senior SEC official told attendees of a legal conference.

Don’t Panic About AIG Annuities, Pennsylvania Regulators Say

November 9, 2008 - Regulators are monitoring the suitability of annuity sales for exchange activity that exploits the recent turmoil in financial markets.

Are Insurers Lining Up for Federal Handouts?

October 27, 2008 - MetLife, Prudential and New York Life are said to be considering making requests for some of the $700 billion federal bailout money, American Banker reported.

Americans Hang Retirement Hopes on Next Administration

October 12, 2008 - Asked what the new president should do, 57% said they wanted to see Social Security fully funded so they receive their guaranteed benefits.

Canadians Seek To Delay Withdrawals From Retirement Accounts

October 12, 2008 - Some Canadian retirees want to delay withdrawals—which might force the liquidation of depressed assets—until share prices recover.

AIG Insurance Subsidiaries Are Secure,
NAIC Tells Congress

October 7, 2008 - “AIG’s problems came from its parent company and from its non-insurance operations, which are not regulated by New York or any other state,” said New York State's insurance superintendent.

NAIC Bans Flimsy Senior Credentials

October 5, 2008 - A model regulation prohibits the use of misleading senior certifications and designations in the sale of life insurance and annuities.

NAFA Goes To Washington To Fight 151A

October 5, 2008 - The National Association of Fixed Annuities met with U.S. Representatives from Wisconsin to seek support for withdrawal of the proposed SEC rule.

Citigroup Buys Wachovia, the Bank Channel’s Top Annuity Seller

September 29, 2008 - Citigroup will pay $2.16 billion in stock and assume up to $42 billion in losses from a pool of $312 billion in loans held by Wachovia. The FDIC will absorb losses beyond that.

AIG Considers Sale of Annuity-Issuing Subsidiaries

September 20, 2008 - AIG, which sold $10.8 billion worth of fixed and variable annuities in the second quarter of 2008, may sell its annuities units to raise cash.

Is Age 70½ Too Early for RMDs?

September 7, 2008 - A federal rule that requires those aged 70½ and older to take RMDs from their IRAs and 401(k) accounts every year might be outmoded, one senator says.

At SEC, A Fresh IDEA Replaces EDGAR

September 1, 2008 - The new system, called IDEA (Interactive Data Electronic Applications), replaces the clunky EDGAR database developed during the 1980s.

GAO Cautions Against Proposed PBGC Investment Strategy

August 24, 2008 - The U.S. Government Accounting Office said the new strategy “allocates significant portions of the portfolio to volatile or illiquid assets.”

NAIFA Opposes SEC Move to Classify Indexed Annuities as Securities

August 24, 2008 - The National Association of Insurance and Financial Advisors said it will oppose the Securities and Exchange Commission’s proposed Rule 151A.