California Governor Gavin Newsom has signed legislation that incorporates the National Association of Insurance Commissioners (NAIC) model for annuity transactions. NAIFA Kevin Mayeux, CAE, released the following statement:
“California becoming the 44th state to institute the NAIC’s model protections for annuity customers is a monumental win for consumers and one that NAIFA wholeheartedly applauds. NAIFA’s efforts, including grassroots work by our members, were instrumental in assuring that financial professionals work in consumers’ best interests in California and the other states where the model is in effect. With California now on board, approximately 90% of Americans enjoy protections afforded by the NAIC model.
“Together with the Securities and Exchange Commission’s Regulation Best Interest, which creates a best interest standard for retirement investors in every state, the NAIC model offers robust protections and promotes retirement security for American families. NAIFA encourages all 50 states to adopt the NAIC model.”
