Mid-Year Check-In: Best-Interest Standard-of-Care Issues

Hartford partner Stephen Jorden spoke at the American Council of Life Insurers (ACLI) Compliance & Legal Sections Annual Meeting held July 15-17, 2019 in Fort Lauderdale, Florida. Stephen spoke at the session titled “Mid-Year Check-In: Best-Interest Standard-of-Care Issues” on the first day of the event. Other panelists included Jillian Froment, Director of the State of Ohio Department of Insurance, and moderator Steve Toretto, former Vice President & Associate General Counsel of the Pacific Life Insurance Company.

The speakers offered an update on the evolving federal and state standards of care relating to sales of securities, annuities, and insurance, and the impact on broker-dealers and their affiliated persons and insurance carriers and producers.  Their discussion focused on the current status of the NAIC’s proposed revisions to the Suitability Model Regulation for Annuities, the SEC’s Regulation BI (Best Interest), and state legislative proposals seeking to impose broader fiduciary duties on insurance producers and other financial professionals.