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.
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New Wisconsin Law Boosts Protections for Annuity Consumers
By NAIFA & ACLI on 4/18/22 9:58 AM
Topics: State Advocacy Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation
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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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South Dakota Law Strengthens Protections for Consumers Seeking Lifetime Income in Retirement
By NAIFA & ACLI on 3/8/22 4:34 PM
American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-SD President Jennifer Soma issued the following joint statement on the best interest annuity law recently signed by South Dakota Governor Kristi Noem:
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation South Dakota
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Wisconsin Legislature Strengthens Protections for Annuity Products
By Bianca Alonso Weiss on 3/2/22 11:41 AM
NAIFA-WI is celebrating their most recent legislative win – both chambers of the Wisconsin Legislature passed the National Association of Insurance Commissioners (NAIC) Model Regulation for Annuities.
The Wisconsin Assembly concurred on Senate Bill 644, the annuity best interest model bill, on February 23, 2022, during what is likely its final week of session in the house for the year. The state Senate passed it on January 25.
Topics: State Advocacy Standard of Care & Consumer Protection Wisconsin Annuity Best Interest Insurance & Financial Advisor Regulation
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New Mexico Enhances Protections for Annuity Consumers
By NAIFA & ACLI on 3/1/22 2:46 PM
American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-NM Vice President of Advocacy Kenneth Bottari issued the following joint statement on the best interest annuity rule adopted recently by the New Mexico Office of the Superintendent of Insurance:
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation New Mexico
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NAIFA Member's Client Illustrates the Importance of Choices for Investors
By NAIFA on 2/28/22 5:38 PM
NAIFA has partnered with the American Council of Life Insurers (ACLI) and other organizations to encourage states to adopt consumer-protection legislation or regulations based on a model created by the National Association of Insurance Commissioners (NAIC), which requires advisors to work in their client's best interests on annuity transactions. NAIFA also supports the Securities and Exchange Commission's Regulation Best Interest.
Topics: State Advocacy Standard of Care & Consumer Protection ACLI Advocacy Partnerships Annuity Best Interest Insurance & Financial Advisor Regulation
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New Rule in Mississippi Offers Stronger Protections to Annuity Consumers
By American Council of Life Insurers on 11/23/21 6:01 PM
American Council of Life Insurers (ACLI) President and CEO Susan Neely and George B. Pickett, J.D. CLU, AEP, LACP, of the NAIFA Government Relations Committee, issued the following joint statement on the best interest annuity rule adopted recently by the Mississippi Insurance Department:
“Retirement savers seeking lifetime income from annuities should work with financial professionals who act in consumers’ best interest. The rule adopted by the Mississippi Insurance Department makes certain that they will.
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Mississippi Insurance & Financial Advisor Regulation
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New Rule Enhances Protections for Kentucky Annuity Consumers
By American Council of Life Insurers on 11/17/21 4:14 PM
American Council of Life Insurers (ACLI) President and CEO Susan Neely, National Association of Insurance and Financial Advisors (NAIFA) CEO Kevin Mayeux and NAIFA-Kentucky Immediate Past President Brian Wilson issued the following joint statement on the annuity best interest rule recently adopted by the Kentucky Department of Insurance:
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Kentucky Insurance & Financial Advisor Regulation
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NAIFA Article on NAIC Model Featured in NCOIL Publication
By NAIFA on 10/5/21 3:25 PM
The monthly newsletter of the National Council of Insurance Legislators (NCOIL) features a front-page article contributed by NAIFA State Chapters Director Julie Harrison on the best interest standard incorporated into the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transaction Model Regulation.
Topics: Standard of Care & Consumer Protection Interstate Advocacy Annuity Best Interest Insurance & Financial Advisor Regulation NAIC NCOIL
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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.