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September 17, 2007
 
Print Version of All Articles in Sept. 17 ICI
Print out this file for all the text in the current issue....
 
Report by Federal Regulators Emphasizes Need to Review ‘Free Lunch’ Sales Seminars
A joint report by three federal securities regulators is driving home their point that there needs to be more supervision and review of so-called “free lunch” seminars, particularly those intended for senior consumers....
 
Use These Best Practices to Evaluate Your Supervision of ‘Free Lunch’ Seminars

As part of their report about “free lunch” sales seminars, federal financial services examiners identified best practices that appeared to be effective in ensuring adequate oversight and compliance....

 
Use This Checklist to Identify Producers Who May Need Compliance Review for ‘Free Lunch’ Seminars
Insurers can learn a compliance lesson or two from three federal regulators who recently completed a series of examinations that looked at “free lunch” seminars aimed at senior consumers....
 
Insurance Commissioners Share SEC, FINRA Interest in Senior Issues
The spotlight on senior issues shown at the SEC’s annual senior summit signals a continuation, but certainly not an end, to regulatory interest about the issue....
 
Allstate Halts Practice of Basing Homeowner Renewals on Having Other Business with Company
Allstate has agreed to stop basing New York homeowner insurance renewals on the policyholder also having other business – life or auto insurance – with the carrier....
 
Insurers Urge North Carolina to Adopt Stronger Building Codes Along Coastal Areas
Insurers are asking North Carolina authorities to adopt stronger building code standards for coastal areas....
 
Regulators, Companies Starting to Restrict Producers’ Use of Senior Designations
Insurance companies, federal and state financial services regulators are acting to restrict the use of senior designations....
 
SEC OKs Rule 2821 Applying Solely to Deferred Variable Annuities
It has taken several years, vociferous objections by the insurance industry and a number of redrafts by the Financial Industry Regulatory Authority, but there is finally a rule to regulate the sale of deferred variable annuities....
 
New Broker-Dealer Regulatory Notice Addresses Suitability, IDs Items for Internal Compliance Review
A new regulatory notice from FINRA provides a number of best practice suggestions for dealing with seniors that insurance companies could implement in their own compliance programs....
 
New York Insurance Department Starts Elder Protection Unit
The New York State Insurance Department has established a separate investigation and enforcement area to concentrate on insurance sales to the elderly....
 
AICP Meeting Will Have 80 Sessions for P/C, Life, Health Companies
You just missed the Sept. 14 early bird registration deadline, but there is still plenty of time to sign up for the Association for Insurance Compliance Professionals 20th annual conference later this fall....
 
Rules, Regs & Bulletins Sept. 17, 2007

A summary of recent regulatory developments and legislation....