Fixed Annuity News

The fixed annuity industry is constantly changing. From product evolution and distribution consolidation to pending regulation and legislation, NAFA works diligently to keep up with every aspect of the marketplace and provide you with its most pertinent news in a timely manner. Utilize the information below to read about recent media coverage in our Monday Media Reports, access all things NAFA via our NAFAwire, visit our Press Room for the association’s most current news releases or to catch up on our Twitter feed.

Industry News

How to Decide if an Annuity Is Right for Your Client: Morningstar’s Benz
26 June – Ginger Szala – Think Advisor

“Advisors and clients first must understand the wide variations in types of annuities. Some are simple fixed annuities while others, she says, are complex, and have “opacity of fees, high commissions and advisor incentives” that can make it difficult for clients to evaluate.”

7 Things to Know About the New DOL Annuity Sales Standard Proposal
30 June – Allison Bell – Think Advisor

“The employee Benefits Security Administration (EBSA) has unveiled a new sales standard proposal that could affect investment advice fiduciaries that help retirement savers roll cash from retirement plans into individual retirement accounts (IRAs).”

DOL Proposes Restoring Original Investment Advice Regulation and New Prohibited Transaction Class Exemption for Investment-Advice Fiduciaries
1 July – Stephen Kraus – Carlton Fields

“On June 29, 2020, the Department of Labor (DOL) proposed a series of regulatory actions regarding the definition of “investment advice” under ERISA section 3(21). The proposed actions result from the Fifth Circuit’s decision to vacate a 2016 DOL regulation that eliminated the five-part test and set forth a new standard for determining whether an individual was furnishing “investment advice.” In addition to restoring the original investment advice regulation and its five-part test, the actions propose a new associated prohibited transaction class exemption and a series of changes to existing prohibited transaction exemptions. The recent proposed actions, if finalized, will:”

Stocks rise after better-than-expected jobs report to close out winning week
1 July – Fred Imbert & Thomas Franck – CNBC Markets

“Thursday’s gains led to strong weekly performances for the major averages. The Dow rose 3.3% this week and the S&P 500 climbed 4% in the same time period. It was the Dow and S&P 500′s biggest weekly gains since June 5. The Nasdaq posited its best weekly performance since May 8, jumping 4.6% this week. U.S. markets will be closed on Friday for the July Fourth holiday.”

3 Things to Know About the NAIC’s New 0% Annuity Floor Project
7 July – Allison Bell – Think Advisor

“State insurance regulators are thinking about starting an annuity regulatory project that could remind everyone how hard it is for life insurers to offer great guarantees at a time when safe “single A” corporate bonds are offering an effective yield of less than 1.8%, and slightly edgy BBB bonds are paying 1.97%.”

DOL overhauls retirement rules. Here’s what advisors need to know
8 July – Andrew Welsch & Jessica Mathews – Financial Planning

“The Department of Labor’s proposal to replace the vacated fiduciary rule is set to upend standards governing retirement advice.  Again.”

NAIC To Give ‘Guidance’ To States On Best-Interest Annuity Rules
10 July – John Hilton – Insurance News Net

“A state insurance regulator panel is set to develop guidance for states on adopting the best-interest annuity sales model law formalized earlier this year.”

Monday Media Report

Monday Media Report

The NAFA Media Report features a summary of the previous week’s fixed annuity media coverage as compiled by NAFA’s Director of Research, Dr. Jack Marrion. NAFA welcomes your contributions and suggested additions.

Access the most current report »

Monday Media Report

The Call

The Call features timely and seasonal regulatory and legislative updates to help NAFA members stay on top of issues impacting their businesses. Both federal and state editions are distributed to keep you informed.

Access the most current update »

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In preparation for continued state adoption of the @naic's strengthened #suitability model regulation approved in Feb, we've developed a handy best practices guide to help you maintain #compliance at every level of distribution. Join today for your copy!

Thanks to everyone who participated in last weeks 10th annual #AnnuityLeadership Forum, including our generous sponsors @Nationwide, @AllianzLife, @AtheneUSA, @ALLPROdm, @CircleSideways, EquiTrust, ADI Meetings & Events and @InsNewsNet. You exemplify industry leadership!

At this afternoon's virtual toast, we revealed that @senrobportman (R-OH) was awarded @NAFAUSA's 2020 Legislator of the Year! We thank him for his tireless commitment to enhancing the future of #retirement through commonsense, bi-partisan policies. #AnnuityLeadership

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