Insured losses from a severe weather system that affected most states east of the Rocky Mountains this month will total $100 million apiece in a dozen states and $2.5 billion overall, according to Karen Clark & Co. The storm led to 900 reports of wind gusts surpassing 58 mph, more than 500 reports of hail, more than two dozen tornadoes and widespread power outages.
Sales of fixed-indexed annuities hit $14.5 billion in the first quarter, up 11% over the first quarter of 2017, according to LIMRA. The results, which were among the strongest for the first quarter in 10 years, were driven by an improved regulatory outlook and rising interest rates, said Todd Giesing, LIMRA's annuity research director.
Panelists at a Financial Industry Regulatory Authority conference discussed how documentation can be used to help avoid client complaints, lengthy exams and in-depth inspections by regulators. "Simple note-keeping to verify that advisors met regularly with their clients, discussed their investment objectives and made them aware of any fees and risks, furthers all three goals," writes Tobias Salinger.
President Donald Trump signed a Congressional Review Act resolution that ends the Consumer Financial Protection Bureau's indirect auto lending guidance. The guidance was a "backdoor attempt at rulemaking without notice or comment" CBA President and CEO Richard Hunt said when the resolution passed the Senate.
Consumer Reports declined to give Tesla's Model 3 sedan a recommendation after deeming the vehicle's stopping distance to be "far worse than any contemporary car we've tested." The publication also said using the central control screen on the dashboard requires drivers to look away from the road and remove a hand from the steering wheel.
The number of people who have saved $1 million or more in a 401(k) reached 157,000 at the end of the first quarter, a 45% year-over-year increase, according to recent data. Many benefited from the market's recent gains and also from saving over a long period of time and contributing enough to get the full match.
For clients wondering whether to convert their individual retirement accounts to Roth IRAs, attorney Bruce Steiner says the tax law "may tip the scales in favor of converting substantial amounts now." He notes that a conversion could have particular benefits for middle-income IRA owners under the law.
Fire departments in the US respond to an average of 830 fires in multifamily construction projects annually, according to the National Fire Protection Association. Builders are responding to the problem with measures to reduce the risk, including the use of new technologies and early activation of sprinkler systems.
A 15-year-old boy who admitted to tossing fireworks into a canyon and igniting a major Oregon wildfire has been ordered by a county judge to pay about $36.6 million in restitution. The teenager must make payments towards the sum for at least 10 years, although the judge recognized that repaying the full sum would be unrealistic.
A survey by AAA found 73% of respondents saying they are too afraid to ride in a fully autonomous vehicle, an increase of 10 percentage points over late-2017 survey results, with the greatest increase in uncertainty emerging among people ages 20 to 37. The latest results indicate that "any incident involving an autonomous vehicle is likely to shake consumer trust, which is a critical component to the widespread acceptance of autonomous vehicles," said Greg Brannon of AAA.