Earlier this year, Iowa’s Insurance Department approved a best interest annuity rule that closely follows the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. A few weeks later, Arizona Governor Doug Ducey signed a bill into law that also mirrors the NAIC model. Iowa and Arizona demonstrated how states can provide people purchasing annuities … Continue reading "It’s the Rule of Law: Protecting Consumers’ Best Interest"
The COVID-19 pandemic has changed everyday language. We now commonly use words and phrases like “work from home,” “socially distant,” and “contactless.” Another word that the life insurance industry and regulatory community can take to heart is “instructive.” During the pandemic we have learned, and we continue to learn. Experience is teaching life insurers that we can serve our … Continue reading "Regulatory Modernization Makes Sense for Consumers"
As the COVID-19 crisis in the United States stretches into its fifth month, many Americans are understandably concerned about their families’ health and financial well-being. From the earliest days of the COVID-19 pandemic, life insurers have been there #MeetingTheMoment for consumers, their employees and their communities. Life insurers pay out $2.1 billion every day, reinforcing … Continue reading "Life Insurers: There For America"
There is no doubt that the COVID-19 crisis is posing serious challenges to small employer retirement plans and the ability of workers to save for the long term. Expanding access to workplace retirement plans – especially at small businesses – will be crucial as Americans strive to meet the savings challenge during and after this … Continue reading "COVID-19 and Retirement Savings: New Challenges for Small Employers"
During the COVID-19 pandemic, health and financial security concerns have been front and center. And America’s life insurance companies have stepped up. From the earliest days of the crisis, life insurers have been providing invaluable support, paying out $2.1 billion every day, amplifying the $2.7 billion a day paid by Social Security. To keep the … Continue reading "Life Insurers Invest for America’s Future"
For more than 175 years the life insurance industry has been a source of stability and strength to the American economy. When America needs investment capital, life insurers are there. And we’re here during COVID for American families and business. With $6.3 trillion in investments, life insurers contribute crucial long-term capital that fuels growth and … Continue reading "Life Insurers Invest in American Families and Businesses"
COVID-19 has challenged the entire world, including retirees and those approaching retirement. People age 55 and over are more likely to fall ill from COVID and much more likely to die from it. They are also more likely to suffer financially. Since February, 2.5 million older Americans (age 55+) became unemployed. An additional 1.9 million left … Continue reading "COVID-19, Unemployment, and Ultra-Low Interest Rates Challenge Older Americans"