IFAwebnews » regulation

FINRA estimate for IA SROs excludes monetary, administrative details

Jaime L. Brockway — Wed, 16 May 2012 12:01:00 +0000

A consulting group found that FINRA's estimate of the cost to create and manage a self-regulatory organization (SRO) for investment advisors (IA) underestimates overhead costs and overestimates IA examiner productivity.

FINRA estimate for IA SROs excludes monetary, administrative details via IFAwebnews.

NAIC’s framework on UL with secondary guarantees seen ‘positively’

Bob Graham — Mon, 14 May 2012 13:32:45 +0000

A key ratings service said it “views positively” the draft framework proposed by state insurance commissioners for evaluating reserves of universal life products with secondary guarantees.

NAIC’s framework on UL with secondary guarantees seen ‘positively’ via IFAwebnews.

New York fines 15 insurers $2.7 million for violating Timothy’s Law

Bob Graham — Tue, 08 May 2012 21:11:07 +0000

New York insurance regulators fined 15 insurers a total of $2.7 million for failing to notify small businesses of their eligibility to buy special coverage.

New York fines 15 insurers $2.7 million for violating Timothy’s Law via IFAwebnews.

N.Y. says $262 million in death benefits paid to found beneficiaries

Bob Graham — Mon, 23 Apr 2012 16:54:37 +0000

A New York investigation into how insurance companies track life insurance policyholders and their beneficiaries resulted in more than 32,000 payments totaling $262.2 million, more than four times its tally in December.

N.Y. says $262 million in death benefits paid to found beneficiaries via IFAwebnews.

Insurance premium taxes help fiscal 2011 state collections rise

Bob Graham — Wed, 18 Apr 2012 21:47:55 +0000

Increased revenue from premium taxes paid by insurance companies helped boost overall state government tax collections in fiscal 2011.

Insurance premium taxes help fiscal 2011 state collections rise via IFAwebnews.

CFP Board to publicize bankruptcy cases, ease application process

Jaime L. Brockway — Wed, 18 Apr 2012 19:39:26 +0000

The Certified Financial Planner (CFP) Board of Standards decreased the amount of experienced needed to become a CFP professional and made bankruptcy cases available to the public, among other disciplinary changes.

CFP Board to publicize bankruptcy cases, ease application process via IFAwebnews.

Pennsylvania imposes conditions on Harleysville, Nationwide merger

Bob Graham — Tue, 17 Apr 2012 11:50:59 +0000

The Pennsylvania Insurance Department approved the merger of Harleysville Mutual and Nationwide Mutual insurance companies with conditions designed to protect the Harleysville brand and its Pennsylvania operations for several years.

Pennsylvania imposes conditions on Harleysville, Nationwide merger via IFAwebnews.

N.Y. insurance regulators probing insurer-bank-broker relationships

Jaime L. Brockway — Wed, 11 Apr 2012 12:04:20 +0000

The New York Department of Financial Services is requiring the largest force-placed insurers in the state to give details on their expenses, claims payments and profits to determine the validity of their homeowners insurance rates.

N.Y. insurance regulators probing insurer-bank-broker relationships via IFAwebnews.

If we know what the NAIC is not, does that help with what it is?

John Lobert — Tue, 27 Mar 2012 15:24:12 +0000

Somewhere between the time I wrote March 22 piece on the National Association of Insurance Commissioners, the group of state insurance regulators, (NAIC) and the time it was posted, the NAIC resolved one of the issues I raised: its identity.

If we know what the NAIC is not, does that help with what it is? via IFAwebnews.

Va. gives agents teeth on false certificate of insurance requests

Bob Graham — Thu, 22 Mar 2012 11:48:11 +0000

Virginia Gov. Bob McDonnell signed into a law a bill enabling the state insurance regulators to fight false certificates of insurance and those who request them.

Va. gives agents teeth on false certificate of insurance requests via IFAwebnews.