New York DFS Asserts Itself in National Annuities Standards Debate

In a few weeks, a working group of the National Association of Insurance Commissioners (NAIC) will meet again in a continuing effort to complete a revision to the organization’s Suitability in Annuity Transactions Model Regulation. The goal of the working group remains a revision of the standards and procedures for providing appropriate recommendations to consumers “that result in transactions involving annuity products.” The group's progress took a detour in July when the New York Department of Financial Services (NYDFS) issued a final regulation establishing its own “best interest” standard of care for recommendations of both annuity products and life insurance products.

Bates Research takes a look at some of the issues as they are playing out with respect to the very real New York requirements on the horizon, and the NAIC’s efforts to revise the standards on annuity products.

The Evolution of Bates: Jennifer Stout On Driving Change to Meet Client Needs (Video)

Bates is pleased to introduce the first of several new mini-interviews we will be sharing over the coming weeks on the occasion of Bates Group President and CEO Jennifer Stout’s 25th anniversary with Bates. In this video, "The Evolution of Bates," Jennifer discusses driving change to meet client and industry needs.

Bates Group Welcomes Retirement, Insurance and Annuity Consultant Michael J. Lacek

Bates Group is pleased to welcome accomplished financial services attorney Michael J. Lacek to Bates Group as an Affiliate Consultant and Expert. With over 35 years of litigation and regulatory experience, Mr. Lacek brings a wealth of knowledge and expertise in the areas of retirement and insurance products, including suitability and sales practices of life insurance and annuity products; securities and insurance regulatory matters; and large complex commercial transactions and litigation.