This week the North Dakota House Industry, Business and Labor Committee unanimously approved H.B. 1160, a bill that tracks with the “best interest of consumer enhancements” in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation.
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North Dakota House Committee Advances NAIFA-Supported Annuity Transactions Bill
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest North Dakota Insurance & Financial Advisor Regulation
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NAIFA Advocacy Helped Shape DOL Rule on Independent Contractors
The U.S. Department of Labor (DOL) announced today a final rule clarifying the standard for employee- versus independent contractor-status under the Fair Labor Standards Act (FLSA). NAIFA has worked closely with DOL to ensure an equitable rule that considers the needs of the insurance industry. NAIFA submitted comments on DOL’s rulemaking on October 26, 2020.
Topics: Federal Advocacy DOL Insurance & Financial Advisor Regulation Producer Employment
2 min read
Michigan and Arkansas Adopt Best Interest Rule on Annuities
Michigan and Arkansas have become states number four and five to adopt a best interest annuity rule based on the National Association of Insurance Commissioners’ (NAIC’s) revised Suitability in Annuity Transactions Model Regulation.
