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Breaking: NY Court Overturns Regulation 187

The state Supreme Court Appellate Division reversed a 2019 ruling by Justice Henry Zwack that the New York State Department of Financial Services was within its authority when it issued Regulation 187. Read More

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Fed’s inflation stance sends down dollar, bond yield

The US Dollar Index reached the lowest point since March 18 last week, while the 10-year Treasury yield dropped to 1.528%. A statement from Federal Reserve Governor Christopher Waller that any uptick of inflation is likely to be temporary, a climbing stock market and improved risk sentiment are thought to…

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4 more states seek to add best-interest annuity rules

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

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N.Y. considers revised annuity, life reserve requirements

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

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Labor Dept. clarifies fiduciary investment-advice exemption

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

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Labor’s fiduciary proposal sent for final review

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

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Investors doubt economic recovery will fuel inflation

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

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Pillars suggest regulatory commission

Fed officials begin to flesh out new inflation strategy

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…

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Fed expected to keep rates low 5 years or more

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…

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Lawyer raises concerns about Labor Dept. advice rule

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…

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