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1 min read

Connecticut Is the 16th State to Adopt the NAIC's Best Interest Model

By NAIFA on 8/18/21 4:46 PM

Connecticut has become the 16th state to adopt consumer-protection regulations or legislation based on the National Association of Insurance Commissioners’ (NAIC’s) Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of their clients during annuities transactions and aligns with the federal Securities and Exchange Commission’s Regulation Best Interest. It also preserves the ability of consumers to work with agents and advisors offering a variety of successful business models and avoids restrictions that would likely make it impossible for financial professionals to work with Main Street investors and retirement savers.

Topics: Annuities State Advocacy Interstate Advocacy
1 min read

NAIFA Supports Bill to Reform Index-Linked Annuities Registration

By Mike Hedge on 8/16/21 9:39 AM

A bipartisan bill to direct the Securities and Exchange Commission to issue a new form for annuity issuers to use when filing registered index-linked annuities has been reintroduced in the House. 

Topics: Annuities Legislative & Regulatory SEC Federal Advocacy
1 min read

NAIC Committee Adopts Best Interest Model FAQs

By Julie Harrison on 7/23/21 5:00 PM

The NAIC Life and Annuities (A) Committee recently adopted the frequently asked questions (FAQs) regarding the best interest model adopted by the Committee in February of 2020.  As most NAIFA members by now already know, the updated model clarifies that all recommendations by agents and insurers must be in the best interest of the consumer and that agents and carriers may not place their financial interest ahead of the consumers’ interest in making a recommendation. In addition, the model now requires agents and carriers to act with “reasonable diligence, care and skill” in making recommendations.

Topics: Annuities Members Voice of the Agent
1 min read

Three More States Enact Consumer-Protection Rules Based on the NAIC’s Annuity Transactions Model

By NAIFA on 6/29/21 2:52 PM

Alabama, Maine, and Virginia have joined 12 other states in adopting consumer-protection regulations or legislation based on the National Association of Insurance Commissioners’ (NAIC’s) Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of their clients during annuities transactions and aligns with the federal Securities and Exchange Commission’s Regulation Best Interest. It also preserves the ability of consumers to work with agents and advisors offering a variety of successful business models and avoids restrictions that would likely make it impossible for financial professionals to work with Main Street investors and retirement savers.

Topics: Annuities Legislative & Regulatory State Advocacy Interstate Advocacy
2 min read

Texas Legislature Passes NAIC Model for Annuity Transactions

By NAIFA on 5/20/21 4:17 PM

NAIFA-Texas has been hard at work ensuring that the Texas legislature adopts the National Association of Insurance Commissioners (NAIC) model for a “Best Interest” standard for annuity products this legislative session. Partnering with Texas Association of Life and Health Insurers (TAHLI), we have met with multiple offices and other stakeholders to ensure clarity and support from those within the Texas Capitol. State Rep. Tom Oliverson, M.D. (R-Cypress), chair of the Texas House Insurance Committee is the bill's author.

On March 23, 2021, Jason Talley, NAIFA-Texas Past President, represented NAIFA-Texas by testifying in support of HB 1777 before the Texas House Insurance Committee. This bill passed unanimously out of committee and passed in the Texas House 144-1. Once it reached the Texas Senate, it was referred to the Senate Committee on Business & Commerce. Due to a time constraint before the first bill filing deadline of the session in early March, there was no Senate companion bill nor a Senate author. NAIFA-Texas and TALHI were able to get Chairman Kelly Hancock (R-Fort Worth) to carry this bill in his own committee. On May 13, 2021, this bill was heard in a formal hearing where NAIFA-Texas submitted written testimony in support. There was no opposition.

Topics: Annuities Legislative & Regulatory State Advocacy
1 min read

NAIFA-ND Tells Lawmakers Their Clients Come First

By Julie Harrison on 3/9/21 3:35 PM

NAIFA-ND President Lyle Kraft testified at the State Senate Industry, Business and Labor Committee on March 9, on the importance of passing an important new best interest standard.

Topics: Annuities Legislative & Regulatory State Advocacy NAIC Model Regulation
1 min read

NAIFA-Idaho Testifies at Hearing on Annuity Best Interest Legislation

By NAIFA on 2/11/21 6:14 PM

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.

Topics: Annuities Legislative & Regulatory State Advocacy NAIC Model Regulation
1 min read

Ohio Finalizes Annuities Best Interest Rule Based on the NAIC Model

By NAIFA on 2/10/21 5:05 PM

The Ohio Department of Insurance has finalized a rule based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions. The new rule goes into effect in Ohio on Feb. 14.

Topics: Annuities Legislative & Regulatory State Advocacy Press Release NAIC Model Regulation
1 min read

Delaware Joins the Growing List of States Adopting the NAIC Annuity Model

By NAIFA on 2/8/21 3:34 PM

The Delaware Department of Insurance has published a final regulation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions.

Topics: Annuities Legislative & Regulatory State Advocacy Interstate Advocacy NAIC Model Regulation
1 min read

NAIFA-Nebraska Supports Legislation to Boost Consumer Protections on Annuities

By NAIFA on 1/25/21 2:15 PM

As the Nebraska Legislature considers LB 22, legislation that would establish an enhanced standard of care for financial professionals offering annuity products, NAIFA-NE Past-President Dave Skutnik submitted testimony in support of the bill on behalf of NAIFA’s Nebraska chapter.

Topics: Annuities Legislative & Regulatory State Advocacy Interstate Advocacy NAIC Model Regulation

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