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…