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Press Release

Legislators and Commissioners Learn About Regulatory Standards

>PRWEB.COM Newswire

Columbus, OH (PRWEB) July 17, 2012

Legislators and commissioners know more about regulatory changes for investment advisors and for broker-dealers, after attending a workshop presented by The Griffith Insurance Education Foundation. The workshop was held on July 12 in Burlington, Vt. during the National Conference of Insurance Legislators (NCOIL) 2012 Summer Meeting.

A total of 40 legislators and commissioners from 18 different states attended the workshop. Both the Griffith Foundation and NCOIL share a collective mission to provide insurance education to legislators nationwide so that policymakers can make better-informed decisions on insurance issues that affect their constituents. “This workshop is a part of our long-standing partnership with The Griffith Foundation,” said New Mexico State Senator and NCOIL President Carroll H. Leavell. “The insurance education programs they provide to NCOIL member legislators are extremely valuable.”

The workshop, Fiduciary vs. Suitability Standards: What Does Major Regulatory Change Mean?, provided an overview of proposed regulatory changes for investment advisors and for broker-dealers. The Securities and Exchange Commission has recommended that Congress enact a uniform fiduciary standard for investment advisors and for broker-dealers, who now abide by a suitability requirement. The Department of Labor is proposing a rule to change the definition of fiduciary under the Employee Retirement Income Security Act (ERISA).

R.B. Drennan, PhD, Associate Professor and Chairman of the Department of Risk, Insurance and Healthcare Management at Temple University, conducted the special luncheon workshop. “I am pleased to teach this course on behalf of The Griffith Foundation,” said Drennan. “I appreciate the opportunity to share this knowledge with such a vital audience as our legislators.”

His presentation provided answers to specific questions such as:

  •     What is the difference between a fiduciary standard versus a suitability requirement?
  •     What would happen if all broker-dealers were held to the fiduciary standard?
  •     Is this a solution in search of a problem?
  •     What would a regulatory shift mean for annuity sales and delivery?
  •     How would a regulatory change impact other life insurance products?
  •     What would be the impact of a uniform fiduciary standard on regulation, licensing, and market conduct?

“We are pleased to continue to offer this educational programming at NCOIL meetings,” said Melissa Kuhn Wheeler, director of public policymaker education for The Griffith Foundation. “The legislators select their topic of interest and we provide the faculty. These meetings are a great opportunity to teach our target audience—legislators—who have jurisdiction over insurance matters. The collaboration with NCOIL helps us to fulfill our mission.”

About The Griffith Insurance Education Foundation
The Griffith Foundation is a 501(c)(3) non-profit educational organization that promotes the study and teaching of risk management and all lines of insurance through educational programs targeting students and public policymakers. The Griffith Insurance Education Foundation is affiliated with The Institutes, the leader in delivering proven knowledge solutions that drive powerful business results for the risk management and property-casualty insurance industry. For more information, visit http://www.griffithfoundation.org.    

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Read the full story at http://www.prweb.com/releases/GriffithNCOIL/July2012/prweb9705933.htm

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