The coronavirus stimulus bill passed by the Senate would suspend rules for required minimum distributions that apply to defined-contribution retirement plans and IRAs. "Waiving 2020 RMDs will help lots of people avoid a tax bill on IRA value that has vanished," IRA expert Ed Slott says.
Financial advisor Brock Jolly shared tips with NAIFA members about communicating with clients while working remotely. Among them are being proactive about reaching out to clients, being flexible about schedules and showing leadership.
A Florida State University study to be funded by Florida Citizens Property Insurance will explore ways to stem rate increases in the state's private market for property coverage, which could see as many as 100,000 policies shifting to Citizens, according to an analysis by the insurer of last resort. Citizens has been working to reduce its number of policies and expand private coverage, and its CEO said the industry has seen positive effects from legislation to curb assignment-of-benefits abuse.
The $13.5 billion settlement that Pacific Gas and Electric has offered to California wildfire victims could decrease because of the utility's declining stock price, said Robert Julian, an attorney for more than 81,000 of the victims. Fifty percent of the settlement would consist of PG&E stock, which has about about half the value it did on Feb. 11.
Storms and Lake Michigan's high water level are causing significant erosion along Indiana's shoreline. Communities on the lake are seeking governmental assistance to limit the damage, including federal aid that can help private property owners.
People whose homes in Tangipahoa Parish, La., were affected by flooding in 1983 are suing Louisiana for a judgment that the state was ordered to pay in 2003. The judgment, the result of a lawsuit over how Interstate 12 was constructed, was originally $91 million and now stands at $320 million with interest.
Attorneys J. Scot Kirkpatrick and Steven Wyatt discuss estate planning tips in light of recent legislation, including how the Setting Every Community Up for Retirement Enhancement Act affects annuities. Among them are that "stretch" provisions for IRAs also apply to annuities with the exception of those making payments before Jan. 1.
The National Association of Insurance Commissioners said it will stop holding online meetings throughout the spring. The group said it wants to give its staff and state regulators more time to focus on the coronavirus outbreak and its effects on the insurance industry.
Jill Judd, former NAIFA president, spoke at the association's town hall meeting on Tuesday, telling advisors to focus on three things during the coronavirus pandemic: themselves, their clients and their team members. She also offered tips for supporting employees who are adjusting to working from home.
The property casualty insurance sector is in a strong position as the US faces the coronavirus pandemic, with a decrease in driving potentially leading to a "slowdown in auto-related claims," said Piper Sandler analyst Paul Newsome. APCIA President and CEO David Sampson has noted that the "stability of the sector could be impacted" if policymakers require payment of claims not covered under existing policies.