NAIFA-Idaho member EmmaLee Robinson testified before a hearing of the Idaho Legislature on the Annuity Consumer Protections Act (HB 79) and encouraged lawmakers to adopt legislation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of consumers on annuity transactions.
The model increases consumer protections while preserving the ability of insurance and financial advisors to serve Main Street clients. It allows consumers to choose to work with advisors who offer various compensation models. The Model also aligns with the Security and Exchange Commission’s Regulation Best Interest, avoiding potential confusion and contradictions differing state regulations could cause.