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Best Interest

NAIFA Is the Driving Force Behind Adoption of the NAIC Best Interest Annuity Model

 

NAIFA, working with our advocacy partners at the American Council of Life Insurers, has been the driving force behind the adoption of the NAIC model for annuity transactions by states across the country. NAIFA grassroots advocates worked with legislators and regulators to get the measures enacted.

These best-interest rules are a win-win for advisors and consumers because NAIFA worked with the SEC and NAIC to ensure Reg BI and the NAIC model provide meaningful consumer protections but do not unduly interfere with how advisors do business. 

So far, 45 states have adopted the model.

Annuity Best Interest by State 03.2024

Why Is the NAIC Model Important?

  • The NAIC model requires advisors to work in the best interests of their clients, boosting consumer confidence in annuity products and the insurance and financial services industry.
  • The NAIC model rejected some harsh proposals that would have made it impossible for many advisors to serve Main Street clients.
  • If you are licensed in multiple states, the fact that NAIFA has worked to have the model adopted in 40 states means advisors don’t have to deal with a mishmash of confusing and possibly conflicting regulations around the country.
  • The NAIC model is in agreement with the SEC’s Regulation Best Interest.

Grassroots work by NAIFA members has been indispensable in getting states to adopt the model. NAIFA state chapter leaders are featured in joint press releases with ACLI and blog posts.

State Advocacy Leaders Who Promoted the NAIC Model

Alabama

Sallie Bryant, FLMI, ACS, AIAA
Loyal Member Since 1997

Alaska

Lanet Spence, LUTCF
Loyal Member Since 2016

Arizona

Connecticut

Sofia Dumansky, MBA, MSM, LUTCF
Loyal Member Since 2009

Delaware

Florida

Jeff Chernoff, MS, LUTCF, LACP
Loyal Member Since 2011

Georgia

Joe Schreck
Loyal Member Since 2016

Hawaii

Cynthia Takenaka
Loyal Member Since 2018

Idaho

Guy Stubbs
Loyal Member Since 2000

Illinois

Dennis Dean, LUTCF, CLU
Loyal Member Since 2007

Indiana

Daniel Stallings
Loyal Member Since 2006

Iowa

Kansas

Brad Noller
Loyal Member Since 2007

Kentucky

Brian Wilson
Loyal Member Since 2000

Louisiana

 

Maine

Terri Wright, CLU, LACP
Loyal Member Since 2003

Maryland

Paul Dougherty, LUTCF, FSS, LACP
Loyal Member Since 1999

Massachusetts

Josh O'Gara, CLU, ChFC, CFP
Loyal Member Since 2011

Michigan

Minnesota

Corey Anderson, DIA
Loyal Member Since 2000

Mississippi

George  Pickett, JD, CLU, AEP, LACP
Loyal Member Since 1969 

Missouri

 

Montana

Dan Rust, LUTCF, RICP
Loyal Member Since 1985

Nebraska

Michael Hutchinson
Loyal Member Since 2007

Nevada

 

New Hampshire

Dawn Chambers
Loyal Member Since 2014

New Jersey

 

New Mexico

Kenneth Bottari, CFP
Loyal Member Since 2014

New York

 

North Carolina

Fred Joyner
Loyal Member Since 1985

North Dakota

Lyle Kraft
Loyal Member Since 2006

Ohio

Duane Borcherding, CLU, ChFC
Loyal Member Since 2003

Oklahoma

Whitney Jessee, LUTCF
Loyal Member Since 2010

Oregon

Kym Housley, ChFC, LUTCF, FSS, FSCP
Loyal Member Since 2012 

Pennsylvania

Carina Hatfield, LUTCF, CLCS, LACP 
Loyal Member Since 2005

Rhode Island

John Howard
Loyal Member Since 1989

South Carolina

Johnny Craven, LUTCF
Loyal Member Since 1995

South Dakota

Jennifer Soma
Loyal Member Since 1999

Tennessee

Scott Flowers, CFP
Loyal Member Since 2017

Texas

Danny O'Connell, LACP
Loyal Member Since 2008

Utah

Dori Philips
Loyal Member Since 2004

Vermont

Tyler Wood
Loyal Member Since 2009

Virginia

Susan Campbell, LACP
Loyal Member Since 2009

Washington

Karl Kuntz, ChFC, CLU, LUTCF, FSCP
Loyal Member Since 2009 

West Virginia

John Pauley, CLU, ChFC, CLTC, LACP
Loyal Member Since 1977

Wisconsin

Laura DeGolier, CLU, LUTCF, FSS, RICP
Loyal Member Since 1980

Wyoming

Andrea Robinson
Loyal Member Since 2014

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