The New York State Department of Financial Services provided temporary relief to consumers and businesses from making premium payments to life insurance companies, property and casualty insurers, and premium finance agencies.
An insurance and financial holding company settled SEC charges for failing to maintain (i) accurate books and records and (ii) a sufficient system of internal account controls in connection with its annuities products.
The New York Department of Financial Services proposed updating the existing suitability regulation in order to establish a "best interest" standard for life insurance and annuity product licensed sellers.
The SEC and the CFTC cited ongoing litigation as the reason they declined to issue a joint interpretation on whether a particular Reinsurance Participation Agreement is classified as a swap, security-based swap or mixed swap.
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