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 impose new suitability standards on sellers of annuities.”
There are eight major components of the financial reform package:
- Fiduciary responsibility
- Financial designations
- Federal insurance office
- Optional federal charter
- Financial stability oversight council
- Consumer financial protection bureau
- Senior investor protections
- Equity indexed annuities
So how do you feel this package will begin to transform your practice over the next few years – if at all? Share your thoughts and comments here, and watch our for upcoming coverage from the Summit Business Media life and health group.