Center for Economic Justice Pleads Its Case for Overhauling the Life Insurance and Annuity Illustrations

By: Maureen Henderson | 11.18.2020

  At the November 10th, 2020 Life Insurance and Annuities “A” Committee meeting, Center for Economic Justice’s (CEJ) Executive Director Birny Birnbaum got another 20 minutes of airtime claiming, “Life insurance and annuity illustrations obscure instead of explaining, the operation of the policy or contract.”  He reviewed a lengthy presentation during the meeting. (presentation found Read…

Oklahoma District Court Approves First U.S. Insurance Business Transfer – A New Era for the Insurance Industry

By: Maureen Henderson | 10.27.2020

  On October 16, 2020, the District Court of Oklahoma County approved Providence Washington Insurance Company (PWIC) to complete its Insurance Business Transfer (IBT) Plan, making it the first such transfer in the United States. As a result, all of PWIC’s transferred insurance contracts novated to Yosemite Insurance Co., an Oklahoma insurance company. Yosemite is  Read…

Market Conduct Analysis Statement Blanks (D) Working Group – Impacting Market Conduct surveillance – Accelerated Underwriting—putting the cart before the horse.

By: Maureen Henderson | 10.26.2020

  One of the working groups under the National Association of Insurance Commissioners (NAIC’s) Market Regulation and Consumer Affairs (D) Committee, the Market Conduct Annual Statement Blanks (D) Working Group’s goal is to collect uniform market conduct related data not otherwise available. To that end, the Blanks Working Group drafts and approves reporting Blanks and Read…

2020 NAIC Summit Recap

By: Maureen Henderson | 10.07.2020

  The National Association of Insurance Commissioners (NAIC) hosted their 2020 Virtual Insurance Summit in a new two-week format during September 8-10 & 15-17, 2020. The Insurance Summit is hosted by NAIC and the National Insurance Producer Registry (NIPR). This premier event brings together innovators and regulators to explore the future of insurance regulation. Building Read…

Department of Justice Guidance on Corporate Compliance Programs

By: Maureen Henderson | 09.14.2020

  Earlier this summer, the Fraud Section of the Department of Justice (DOJ) Criminal Division updated its guidance on the Evaluation of Corporate Compliance Programs first published in early 2017. The updates reflect the DOJ’s expectation that compliance programs should not be stagnant and need to change with the company’s risk profile.  In its analysis, the Read…

The DOL Fiduciary Rule and NAIC Showdown:  Fiduciary or Not? 

By: Maureen Henderson | 08.11.2020

  Despite the apparent harmonization between the SEC Regulation BI (Section 240.151-1, eff. 6/5/19) https://www.sec.gov/rules/final/2019 and the NAIC’s Revised Model on Suitability https://www.naic.org/store/free/MDL-275., the Department of Labor proposed a new fiduciary rule which contradicts the Model’s explicit language…the Care Obligation DOES NOT create a fiduciary obligation or relationship.  The DOL’s new fiduciary rule issued on Read…

Iowa and Arizona Adopt Best-Interest Standard for Annuity Sales Effective January 1, 2021

By: Maureen Henderson | 07.24.2020

  Iowa (Iowa Code section 507B.4A) and Arizona (Arizona Code SB 1557) passed the revised Suitability in Annuity Transactions Model Regulation effective January 1, 2021.   The National Association of Insurance Commissioners, (“NAIC”) successfully modeled the SEC Regulation BI (Section 240.151-1, eff. 6/5/19) https://www.sec.gov/rules/final/2019 and https://www.naic.org/store/free/MDL-275. to harmonize federal and state best interest standards.  The “Best Read…

BrownWinick Adds Insurance Regulatory and Compliance Practice

By: BrownWinick | 07.09.2020

  BrownWinick is pleased to announce the addition of attorney Maureen Henderson to our Des Moines, Iowa, office. Maureen has more than 25 years of experience in the financial services industry. She most recently served as Senior Vice President and Chief Compliance Officer of Traditional Life at Global Atlantic Financial Group Limited. At BrownWinick, Maureen’s Read…