NAIFA Counsel and Vice President, Government Relations Gary Sanders submitted comments to the NAIC Life Insurance and Annuities (A) Committee commending the committee on its work on a Suitability in Annuity Transactions Model Regulation and suggesting a number of revisions to the committee's draft model.
NAIFA's suggestions focus on changes to "incorporate a best interest standard into the Model" that "will preserve the existence of different business models and compensation structures, which will enable small and mid-market consumers to continue to have access to advice, service and a wide range of products."
To learn more about NAIFA suggested changes to the NAIC draft model,read the comment letter.
NAIFA also joined ACLI and AALU in a joint statement on the issue.