NAIFA strongly supports the Securities and Exchange Commission’s (SEC's) Regulation Best Interest (REG BI) to protect investors and preserve the ability of financial advisors to serve the needs of Main Street USA consumers. The rule is in harmony with the National Association of Insurance Commissioners’ (NAIC's) revised Annuity Suitability Model, which requires producers to work in the best interests of consumers during annuity transactions, providing enhanced investor protections at the federal and state levels and discouraging a mishmash of confusing and potentially contradictory laws and regulations.

During a House Financial Services Committee hearing in early October, SEC Chairman Gary Gensler said that he is committed to the continued implementation of Reg BI. He was questioned on the matter by Rep. Ann Wagner (R-MO), a supporter of Reg BI and past Main State speaker at NAIFA’s Congressional Conference.

NAIFA welcomes Gensler’s support for Reg BI and will continue working with the SEC and other regulators to ensure investors are protected and that Main Street consumers retain access to the crucial products, services, and guidance they receive from insurance and financial advisors.