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1 min read

Iowa Enacts Best Interest Standard for Annuity Transactions

By NAIFA on 5/12/20 2:27 PM

On May 11 Iowa insurance regulators adopted revisions to the state’s regulations on annuity recommendations and sales to require producers and insurers to act in the best interests of annuity purchasers. Under the revised rules, producers must not put their own financial interests ahead of consumers’ interests. These revisions track amendments made earlier this year by the National Association of Insurance Commissioners (NAIC) to the NAIC Suitability in Annuity Transactions Model Regulation, which aligns well with the SEC’s Regulation Best Interest and will raise the standard of care required of financial professionals while preserving consumers’ access to valuable financial advice, services, and products.

Topics: Annuities State Advocacy Interstate Advocacy
1 min read

State Advocacy Impact! NAIFA Helps Reshape Massachusetts Fiduciary Proposal

By NAIFA on 3/2/20 8:39 AM

A funny thing happened on the way to the final version of the Massachusetts Securities Division’s fiduciary rule for broker dealers and their registered representatives. NAIFA’s grassroots army made their presence known and helped to reshape what could have been a disastrous regulation for insurance and financial professionals and the Main Street consumers who rely on them for products, services, and guidance.

Topics: Annuities State Advocacy Standard of Care