More On Legal & Compliancefrom The Advisor's Professional Library
- Registration Requirements for Investment Advisor Representatives (IARs) When individuals launch an advisory firm, they must avoid marketing themselves or the firm as investment advisors before they are properly approved and registered. Otherwise, they are subject to severe penalties.
- Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firms policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
The Treasury Department announced Monday that it planned to create a Federal Advisory Committee on Insurance, one of the “series of steps” that Treasury said it was taking to establish the new Federal Insurance Office (FIO) created under the Dodd-Frank Act.
The new Committee on Insurance will provide “advice to the FIO and the Treasury Department, including to the FIO Director in the Director’s role as a member of the Financial Stability Oversight Council (FSOC),” Treasury says in a statement. “Through the Committee, the FIO and the Treasury will benefit from the deep knowledge and regulatory experience of state insurance regulators, as well as the perspective of industry experts, academics, and other stakeholders and affected constituencies.”
Treasury says that it is recognizing the important role of state insurance regulators by reserving “half of the Committee’s membership for state and tribal insurance regulators.” The remaining members of the Committee will represent a diverse range of perspectives from, for example, the property and casualty insurance industry, the life insurance industry, the reinsurance industry, the agent and broker community, public advocates, and academia, Treasury says.