From the Publisher’s Desk | CA Inches Closer to Best Interest Standard | TIAA Sub Fails Reg BI Compliance Standards: $2.2 Million Fine | Regs, Bulletins, and Legislation
Weekly snippets from the Insurance Compliance Insight (ICI) Newsletter. A weekly subscription service published by an insurance compliance professional for insurance compliance professionals!
From the Publisher’s Desk - Standard of Care: One Compliance Professional's Opinion
In this edition, there is a lot of news about “Standard of Care Issues.” We cover the passage by the California legislature of a law that is generally consistent with the NAIC’s Updated Suitability in Annuity Transactions Model 275, commonly called the “Best Interest” regulation due to its disclosure standards and approach consistent with the SEC’s Regulation Best Interest (Reg BI) …
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California Inches Closer to Best Interest Standard
With the adoption of the NAIC model best interest standard in New Hampshire and Indiana, the state count stands at 44. California could be number 45 if Governor Newsom signs SB 263 that both houses of the legislature have passed as of February 20, when it passed in the Senate…
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TIAA Sub Fails Reg BI Compliance Standards: $2.2 Million Fine
In a Press Release dated February 16, 2022, the Securities and Exchange Commission (SEC) announced that TIAA-CREF Individual & Institutional Services, LLC (TC Services), a broker dealer and subsidiary of Teachers Insurance and Annuity Association of America (TIAA) was fined $2.2 million to settle charges of non-compliance with Regulation Best Interest (Reg BI)…
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Your Guide to Insurance Regulations, Bulletins, and Legislation
Alphabetically by line of business/topic and then by state.
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