NAIFA-Delaware and the American Council of Life Insurers (ACLI) have commended Delaware Insurance Commissioner Trinidad Navarro for proposing a best interest annuity rule based on the National Association of Insurance Commissioners’ (NAIC’s) revised Suitability in Annuity Transactions Model Regulation.
The NAIC’s model enhances consumer protections for those considering annuity transactions by requiring financial professionals to work in the consumers’ best interests, while ensuring that consumers retain access to the personalized services and guidance of insurance and financial professionals. The model aligns the Security and Exchange Commission’s Regulation Best Interest.
In a joint statement, ACLI President and CEO Susan Neely and NAIFA-Delaware Government Relations Committee Chair Joshua Shaver said: “ACLI and NAIFA-Delaware applaud Commissioner Navarro for his efforts to protect retirement savers. We look forward to the rule’s adoption and hope other states will take similar action.”
Delaware would join Iowa, Arizona, and Rhode Island as states that have adopted similar measures.