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Advocacy in action blog

2 min read

New Rule Strengthens Protections for Annuity Consumers in Tennessee

By NAIFA & ACLI on 1/27/23 10:33 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-TN President Scott Flowers issued the following joint statement on the best interest annuity rule adopted recently by the Tennessee Department of Commerce and Insurance:

“The new rule adopted by Director Carter Lawrence and the Tennessee Department of Commerce and Insurance advances important consumer safeguards and adds to the nationwide push for enhanced protections for annuity consumers.

“Tennessee becomes the 31st state to adopt the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. These new laws and regulations also harmonize with the SEC’s Regulation Best Interest. They enhance the standards financial professionals must follow while safeguarding retirement savers’ access to, and information about, annuities, the only financial product in the marketplace that can provide guaranteed income for life. 

“Unlike a fiduciary-only approach, these measures ensure that all savers, particularly financially vulnerable middle-income Americans, can get information about different choices for long-term security in retirement. A recent survey finds that middle-income retirement savers would be very concerned about a regulation keeping them from accessing the professional financial guidance they want and need.

“The U.S. Congress reaffirmed the importance of lifetime income when it passed legislation in 2019 and 2022 that made it easier for employers to include annuities in workplace retirement plans. These protections safeguard consumers while also ensuring that middle- and working-class families will retain access to easy-to-understand financial information.

“We hope that other states will follow Tennessee and implement these sensible protections so that more consumers can benefit from a best interest standard of care, no matter where they live.”

Topics: State Advocacy Standard of Care & Consumer Protection Interstate Advocacy Press Release Annuity Best Interest Tennessee
2 min read

Massachusetts Strengthens Protections for Annuity Consumers

By NAIFA & ACLI on 12/13/22 3:54 PM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-MA President Josh O’Gara issued the following joint statement on the best interest annuity rule adopted recently by the Massachusetts Division of Insurance:

“The new rule adopted by the Massachusetts Division of Insurance adds to the nationwide drive for enhanced protections for consumers seeking lifetime income through annuities.

Topics: State Advocacy Press Release Annuity Best Interest
1 min read

NAIFA Applauds the NAIC’s Revised Annuity Best Interest Model

By NAIFA on 12/5/22 3:38 PM

The National Association of Insurance Commissioners has approved a newly revised Suitability in Annuity Transactions Model Regulation that would require financial professionals to act in the best interests of consumers when recommending annuity products.

Topics: Standard of Care & Consumer Protection Interstate Advocacy Annuity Best Interest Insurance & Financial Advisor Regulation NAIC
2 min read

Colorado Adopts Stronger Protections for Annuity Consumers

By NAIFA & ACLI on 8/5/22 1:33 PM

ACLI President and CEO Susan Neely and NAIFA-CO Political Action Committee Chair and Government Relations Committee member Brent Jones issued the following joint statement on the best interest annuity rule adopted recently by the Colorado Division of Insurance:

Topics: State Advocacy Standard of Care & Consumer Protection Colorado Annuity Best Interest
2 min read

New Law in Hawaii Strengthens Protections for Annuity Consumers

By NAIFA Government Relations Team on 6/23/22 8:43 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) Hawaii Government Relations Chair Cynthia Takenaka issued the following joint statement on legislation signed into law in Hawaii that strengthens protections for annuity consumers:

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Hawaii
1 min read

North Carolina Enhances Protections for Annuity Consumers

By NAIFA & ACLI on 6/14/22 2:38 PM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) North Carolina Government Relations Committee Chair Fred Joyner issued the following joint statement on the best interest annuity rule adopted recently by the North Carolina Department of Insurance:

“The new rule adopted by the North Carolina Department of Insurance and under the leadership of Commissioner Mike Causey gives people in the Tar Heel State confidence that the financial professionals they are working with are acting in consumers’ best interest.

“The department’s action adds to the nationwide, bipartisan momentum behind enhanced protections for people seeking lifetime income in retirement through annuities. North Carolina is the 26th state to adopt a measure that aligns with the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. They also harmonize with the SEC’s Regulation Best Interest.

“Unlike a fiduciary-only approach, these measures ensure that all savers, particularly financially vulnerable middle-income Americans, can access information about different choices for long-term security throughout retirement. A new survey finds that middle-income retirement savers would be very concerned about a regulation keeping them from accessing the professional financial guidance they want and need.

“The U.S. Congress reaffirmed the importance of lifetime income when it passed legislation in 2019 that made it easier for employers to include annuities in workplace retirement plans. These protections safeguard consumers while also ensuring that middle- and working-class families retain access to annuities.

“We look forward to seeing additional states add to this momentum for enhanced protections so that more consumers can benefit from a best interest standard of care.”

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation North Carolina
2 min read

NAIFA Celebrates State Advocacy Milestone

By NAIFA on 5/26/22 2:24 PM

NAIFA strongly encourages states to adopt the NAIC's model regulation on annuity transactions, and our state chapters have made promoting adoption of the model an advocacy priority over the past two years. Our efforts, the work of members like you at the grassroots level, and our ability to work with other industry organizations – including the American Council of Life Insurers – have paid off.

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation
1 min read

New Rule Strengthens Protections for South Carolina Annuity Consumers

By NAIFA & ACLI on 5/19/22 9:32 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) South Carolina President Johnny Craven issued the following joint statement on the best interest annuity rule adopted recently by Acting Director Michael Wise and the South Carolina Department of Insurance:

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation South Carolina
2 min read

New Wisconsin Law Boosts Protections for Annuity Consumers

By NAIFA & ACLI on 4/18/22 9:58 AM

Legislation signed into law by Wisconsin Governor Tony Evers greatly enhances protections for consumers seeking lifetime income from annuities. The law was proposed by Senator Rob Stafsholt (R-New Richmond) and Representative Kevin Petersen (R-Waupaca). Wisconsin is the 23rd state that as part of a nationwide, bipartisan effort has adopted measures implementing the "best interest of consumer enhancements" in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation.  The new laws and regulations also align with the SEC’s Regulation Best Interest.

Topics: State Advocacy Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation
1 min read

Maryland Enhances Protections for Annuity Consumers

By NAIFA & ACLI on 4/12/22 9:47 AM

American Council of Life Insurers (ACLI) President and CEO Susan Neely, National Association of Insurance and Financial Advisors’ (NAIFA) former president and NAIFA-MD member Paul Dougherty, and The League of Life and Health Insurers of Maryland Executive Director Matthew Celentano issued the following joint statement on the best interest annuity rule adopted recently by the Maryland Insurance Administration:

Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation Maryland

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