Ohio’s Department of Insurance recently proposed updates to its “3901-6-13 Suitability Annuity Transactions” rule. The state’s Director of Insurance, Jillian Froment, chaired the National Association of Insurance Commissioner’s Annuity Suitability Working Group while the working group crafted revisions to the NAIC’s “Suitability In Annuity Transactions Model Regulation (#275).” As expected, the Ohio proposal is similar to the model. It establishes a new standard of conduct that goes beyond the rule’s current suitability standard, but it is not a fiduciary standard.
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Topics: NAIC Model Regulation
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Arizona Governor Doug Ducey signed into law SB 1557 on Friday June 5, 2020. The measure will amend the state’s requirements governing annuity recommendations and sales by requiring producers and insurers to act in the best interest of annuity purchasers and to not put their own financial interests ahead of the consumers’ interest. These revisions track amendments made earlier this year by the National Association of Insurance Commissioners to the NAIC Suitability in Annuity Transactions Model Regulation, which aligns well with the SEC’s Regulation Best Interest and will raise the standard of care required of financial professionals while preserving consumers’ access to valuable financial advice, services and products.
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NAIFA State Advocacy Amidst COVID-19: A Glimpse into the Unknown