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NAIFA & ACLI


Recent posts by NAIFA & ACLI

2 min read

Vermont Enhances Safeguards for Annuity Consumers

By NAIFA & ACLI on 1/25/24 4:02 PM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-Vermont President Tyler Wood issued the following joint statement on the best interest annuity rule adopted recently by the Vermont Department of Financial Regulation:

“A new rule adopted by the Vermont Department of Financial Regulation, led by Commissioner Kevin Gaffney, provides stronger protections to consumers seeking lifetime income through annuities. The rule enhances the standards financial professionals must follow and protects consumers' access to, and information about, annuities, the only financial product in the marketplace that can provide guaranteed income for life. 

Topics: State Advocacy Standard of Care & Consumer Protection Press Release Annuity Best Interest Vermont
3 min read

New Rule Strengthens Protections for Utah Annuity Consumers

By NAIFA & ACLI on 12/12/23 11:23 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors’ (NAIFA)—Utah Government Relations Chair Dori Phillips, issued the following joint statement on the best interest annuity rule adopted recently by the Utah Insurance Department:

Topics: Legislation & Regulations State Advocacy Press Release Annuity Best Interest Utah
2 min read

Oklahoma Becomes 40th State to Adopt Enhanced Protections for Annuity Consumers

By NAIFA & ACLI on 8/16/23 10:37 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-Oklahoma President Whitney Jessee issued the following joint statement on the best interest annuity rule adopted recently by the Oklahoma Insurance Department:

Topics: Press Release NAIC Model Regulation Annuity Best Interest Oklahoma
3 min read

Kansas Strengthens Protections for Annuity Consumers

By NAIFA & ACLI on 6/27/23 4:55 PM

WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Kansas Chapter President Brad Noller issued the following joint statement on the best interest annuity rule adopted recently by the Kansas Insurance Department:

Topics: Legislation & Regulations State Advocacy Annuity Best Interest Kansas
2 min read

Florida Governor Signs Enhanced Protections For Annuity Consumers Into Law

By NAIFA & ACLI on 5/26/23 4:30 PM

ACLI President and CEO Susan Neely and NAIFA-Florida President Jeff Chernoff issued the following joint statement on legislation signed into law in Florida that strengthens protections for annuity consumers:

Topics: State Advocacy Interstate Advocacy Press Release Annuity Best Interest Florida
2 min read

New Law Enhances Protections for Washington State Annuity Consumers

By NAIFA & ACLI on 4/14/23 5:07 PM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-Washington President Karl Kuntz issued the following joint statement on legislation signed into law in Washington that strengthens protections for annuity consumers:

“The new law sponsored by Representative Kristine Reeves, approved by the legislature, and signed by Governor Jay Inslee strengthens protections for consumers in Washington state seeking lifetime income through annuities.

Topics: Life Insurance & Annuities State Advocacy Interstate Advocacy Press Release NAIC Model Regulation Annuity Best Interest Washington
2 min read

Georgia Strengthens Protections for Annuity Consumers

By NAIFA & ACLI on 2/28/23 3:35 PM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Georgia President Joe Schreck issued the following joint statement on the best interest annuity rule adopted recently by Georgia’s Insurance Department:

“A new rule adopted by Georgia’s Insurance Department and Commissioner John King strengthens protections for Peach State consumers seeking lifetime income from annuities.

Topics: Life Insurance & Annuities Legislation & Regulations Press Release Georgia Annuity Best Interest NAIC
2 min read

Illinois Enhances Protections for Annuity Consumers

By NAIFA & ACLI on 2/24/23 4:10 PM

A new rule adopted recently by the Illinois Department of Insurance provides greater safeguards for consumers seeking lifetime income from annuities. Illinois is the 32nd state to adopt a measure that implements the “best interest of consumer enhancements” in the National Association of Insurance Commissioners (NAIC)  Suitability in Annuity Transactions Model Regulation.  The new laws and regulations also align with the SEC’s Regulation Best Interest.

Topics: State Advocacy Press Release NAIC Model Regulation Annuity Best Interest
2 min read

New Rule Strengthens Protections for Annuity Consumers in Tennessee

By NAIFA & ACLI on 1/27/23 10:33 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-TN President Scott Flowers issued the following joint statement on the best interest annuity rule adopted recently by the Tennessee Department of Commerce and Insurance:

“The new rule adopted by Director Carter Lawrence and the Tennessee Department of Commerce and Insurance advances important consumer safeguards and adds to the nationwide push for enhanced protections for annuity consumers.

“Tennessee becomes the 31st state to adopt the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. These new laws and regulations also harmonize with the SEC’s Regulation Best Interest. They enhance the standards financial professionals must follow while safeguarding retirement savers’ access to, and information about, annuities, the only financial product in the marketplace that can provide guaranteed income for life. 

“Unlike a fiduciary-only approach, these measures ensure that all savers, particularly financially vulnerable middle-income Americans, can get information about different choices for long-term security in retirement. A recent survey finds that middle-income retirement savers would be very concerned about a regulation keeping them from accessing the professional financial guidance they want and need.

“The U.S. Congress reaffirmed the importance of lifetime income when it passed legislation in 2019 and 2022 that made it easier for employers to include annuities in workplace retirement plans. These protections safeguard consumers while also ensuring that middle- and working-class families will retain access to easy-to-understand financial information.

“We hope that other states will follow Tennessee and implement these sensible protections so that more consumers can benefit from a best interest standard of care, no matter where they live.”

Topics: State Advocacy Standard of Care & Consumer Protection Interstate Advocacy Press Release Annuity Best Interest Tennessee
2 min read

Massachusetts Strengthens Protections for Annuity Consumers

By NAIFA & ACLI on 12/13/22 3:54 PM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-MA President Josh O’Gara issued the following joint statement on the best interest annuity rule adopted recently by the Massachusetts Division of Insurance:

“The new rule adopted by the Massachusetts Division of Insurance adds to the nationwide drive for enhanced protections for consumers seeking lifetime income through annuities.

Topics: State Advocacy Press Release Annuity Best Interest

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