Michigan, Arkansas, Maine and Nebraska are the latest states to seek best-interest annuity sales standards based on the model law developed by the National Association of Insurance Commissioners. Delaware, Alabama and Rhode Island also previously introduced annuity sales rules. Full Story: InsuranceNewsNet Magazine online
The New York Department of Financial Services is proposing revised principle-based reserving requirements for annuity and life insurance products. The public comment period on the proposal will remain open until March 1. Full Story: JD Supra
The Labor Department has finalized an exemption that lets fiduciaries receive compensation for additional types of investment advice so long as they conform to conditions that protect investors. This goes into effect after the Biden administration takes office Jan. 20. Full Story: ThinkAdvisor
The Department of Labor’s proposed fiduciary exemption rule has been sent to the Office of Management and Budget for final review. Full Story: WealthManagement
Encouraging news about coronavirus vaccines is boosting optimism about a faster-than-expected economic recovery, but investors do not expect inflation to rise. After the election, investors started selling 10-year Treasury Inflation-Protected Securities, which are used to hedge against rising inflation. Full Story: The Wall Street Journal
Federal Reserve officials have started work on guidance to explain the practical effect of its new policy that allows inflation to rise above its 2% target. Whether investors, bond traders and consumers behave in a way that pushes inflation higher will be influenced by the way the central bank’s governors…
The Federal Reserve is expected to hold short-term interest rates close to zero for the next five years and possibly longer, as well as adjusting its approach to inflation under a new monetary policy strategy. The new inflation policy is expected to be more flexible, allowing it to rise occasionally…
The Labor Department’s proposed financial advice rule would “resurrect” the fiduciary definition from the rule that was vacated by the US Court of Appeals for the 5th Circuit, according to attorney Kent Mason. “Effectively, financial professionals are forced into choosing between accepting fiduciary status or foregoing any future relationship with…
The Federal Reserve is evaluating the option of abandoning its long-held policy of raising interest rates to prevent inflation from increasing. A policy of allowing inflation to increase modestly above 2%, to compensate for periods when it remained below that target, may be introduced over time. Full Story: The Wall…
The Federal Reserve is expected to leave the interest rate unchanged as Fed Chair Jerome Powell has said the economy would need to show signs of weakening before the rates would be lowered again. The Fed will wrap up a two-day meeting today. The Wall Street Journal
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