---
title: NAIFA-Nebraska Supports Legislation to Boost Consumer Protections on Annuities
description: Testimony submitted NAIFA-Nebraska Past-President Dave Skutnik touts consumer protections.
---

[NAIFA's Advocacy in Action (AIA) Blog ](https://advocacy.naifa.org/news)

# [NAIFA-Nebraska Supports Legislation to Boost Consumer Protections on Annuities](https://advocacy.naifa.org/news/naifa-nebraska-supports-legislation-to-boost-consumer-protections-on-annuities)

 Written by [NAIFA](https://advocacy.naifa.org/news/author/naifa) | 1/25/21 7:15 PM

As the Nebraska Legislature considers [LB 22](https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=43724), legislation that would establish an enhanced standard of care for financial professionals offering annuity products, NAIFA-NE Past-President [Dave Skutnik](https://www.linkedin.com/in/daveskutnik/) submitted testimony in support of the bill on behalf of [NAIFA’s Nebraska chapter](https://naifanebraska.org/).

The bill incorporates the language of the [National Association of Insurance Commissioners’](https://content.naic.org/) (NAIC’s) updated [Suitability in Annuity Transactions Model Regulation](https://content.naic.org/cipr_topics/topic_annuity_suitability_best_interest_standard.htm) and would align with the Security and Exchange Commission’s [Regulation Best Interest](https://www.sec.gov/regulation-best-interest). NAIFA worked with the NAIC to ensure the updated Model bolsters consumer protections while preserving the ability of insurance and financial professionals to serve their clients. NAIFA helped to head off other proposals that would have limited the choices and ability of Main Street investors to find needed products, services, and guidance.

“LB 22 is a workable best interest standard that preserves Main Street access to beneficial annuity information and education from NAIFA members and other financial professionals,” Skutnik said in his submitted testimony. “And, it enhances consumer protections to assure them that financial professionals act in their best interest when recommending annuity products.”

“Thanks to LB 22 and federal initiatives, all those working to save for retirement will continue to have access to information about guaranteed lifetime income from annuities,” he added. “And they can rest assured that the recommendations they receive from financial professionals will be in their best interest.”

So far, [five states](https://advocacy.naifa.org/news/michigan-and-arkansas-adopt-best-interest-rule-on-annuities) – Arizona, Arkansas, Iowa, Michigan, and Rhode Island – have adopted the NAIC Model. NAIFA urges the remaining states to follow suit to strengthen consumer protections and ensure that financial professionals operate under clear, consistent, and noncontradictory laws and regulations.

[View full post](https://advocacy.naifa.org/news/naifa-nebraska-supports-legislation-to-boost-consumer-protections-on-annuities)

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