More On Legal & Compliancefrom The Advisor's Professional Library
- Updating Form ADV and Form U4 When it comes to disclosure on Form ADV, RIAs should assume information would be material to investors. When in doubt, RIAs should disclose information rather than arguing later with securities regulators that it was not material.
- Books and Records Rule Thorough and complete books and records enable RIAs to demonstrate that they have fulfilled their fiduciary obligations to clients and complied with applicable rules and regulations.
The New York Attorney General's office has widened its investigation of retained asset accounts (RAAs) to include several more insurers, according to our sister publications from National Underwriter.
The office has subpoenaed American International Group Inc., New York Principal Financial Group Inc. Aetna Inc., Lincoln National Corp. and CNO, formerly Conseco. They were added to a group of insurers previously subpoenaed that include MetLife Inc. and Prudential Financial Inc.
Meanwhile, two consumer advocates told insurance commissioners they would prefer to see regulation of insurance remain with the states, as opposed to a federal takeover.
Speaking before the National Association of Insurance Commissioners' (NAIC) Regulatory Modernization Task Force at the NAIC's summer meeting held here, Sonja Larkin-Thorne, an NAIC funded consumer representative, and Amy Bach, executive director of United Policyholders said they support a continuation of state regulation, but would like to see some changes in transparency.
Read a story about the NAIC investigation of deceased veterans' benefits from the archives of InvestmentAdvisor.com.