H.R. 4173 Has Passed: Now What?

Now that the Dodd-Frank bill has passed the Senate, you may be wondering: What does this mean for me?

According to National Underwriter Life & Health, “H.R. 4173 provisions would affect the standard of care that applies when insurance agents and brokers sell investment products, create a Federal Insurance Office (FIO) at the U.S. Treasury Department, give states of domicile more authority over regulation of reinsurers,impose new standards on the rating agencies, classify indexed annuities governed by National Association of Insurance Commissioners standards as state-regulated insurance products, and imposenew suitability standards on sellers of annuities.”