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By 
February 08, 2023 at 10:50 AM
What You Need to Know
- Regulators want to know what life insurers are doing in places like Bermuda.
- They are also getting ready to enforce Reg BI in a more aggressive way.
- Deloitte analysts think insurers should know about their problems before examiners get involved.
Life insurers should try to find and fix their own sales and communications problems before examiners from FINRA and the U.S. Department of Labor show up.
That’s the advice of analysts at a Deloitte regulatory strategy team given in a new regulatory outlook report, which talks about the need for insurers to examine their own sales and marketing operations.
What It Means
You and the companies you work with may be more likely to get questions about sales and marketing strategies.
Regulators’ Approach
Agents who find the rush to Bermuda confusing have company: many regulators “just want to have a window into the transactions, so they can monitor of their domiciled companies,” according to the report.
Analysts have also included a section on the U.S. Securities and Exchange Commission’s new Regulation Best Interest approach to setting sales standards for life insurance policies and annuity contracts.
