Brooks named chairman of NAIC's life and annuities committee

Kermitt J. Brooks, acting insurance superintendent for New York, today was named the chairman of the National Association of Insurance Commissioners' life and annuities committee.
JUL 27, 2009
Kermitt J. Brooks, acting insurance superintendent for New York, today was named the chairman of the National Association of Insurance Commissioners’ life and annuities committee. He replaces Eric R. Dinallo, who left his post as lead insurance regulator in New York and as chairman of the committee to take a teaching post at New York University. The Washington-based NAIC’s executive committee selected Mr. Brooks for the position. The committee reviews new life insurance products and oversees working groups related to annuity disclosure as well as indexed annuities and the suitability of annuities. The committee also sets priorities for the NAIC’s Life and Health Actuarial Task Force. Although the chairman’s post and the role of acting insurance superintendent are relatively new to Mr. Brooks, who formerly served as deputy superintendent in the Empire State, he has already announced that New York will hold public statewide hearings in August and September on possible rules it may adopt for suitability standards behind annuity transactions.

Latest News

Large RIAs name ChatGPT, Copilot and Claude in job posts far more than advisor AI tools
Large RIAs name ChatGPT, Copilot and Claude in job posts far more than advisor AI tools

When the largest RIAs recruit for AI, they name Copilot, ChatGPT and Claude in job posts far more often than advisor-specific fintechs, Caddi data shows

Mariner’s Hugo AI uncovered $22B in client assets, says Marty Bicknell
Mariner’s Hugo AI uncovered $22B in client assets, says Marty Bicknell

Bicknell said that Mariner's Humanity Labs partnership is key to growing his mega-RIA from 70,000 to 500,000 households by 2028

SEC finalizes $1B small-entity threshold for RIAs
SEC finalizes $1B small-entity threshold for RIAs

Final rule moves roughly two-thirds of SEC-registered RIAs under the Regulatory Flexibility Act’s small-business lens, up from about 3%

Clients sue Arkadios Wealth, allege firm sat on advisor’s red flags
Clients sue Arkadios Wealth, allege firm sat on advisor’s red flags

The firm's own reports showed the problem. The complaint says it did nothing.

Lawsuit accuses Blue Owl of inflating assets in $4.3B merger
Lawsuit accuses Blue Owl of inflating assets in $4.3B merger

The complaint points to interest rate risk and AI disruption the BDC allegedly ignored.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor