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.
1 min read
Three More States Enact Consumer-Protection Rules Based on the NAIC’s Annuity Transactions Model
Topics: Life Insurance & Annuities Legislation & Regulations State Advocacy Standard of Care & Consumer Protection Interstate Advocacy Alabama Annuity Best Interest Maine Virginia
3 min read
NAIFA Attends NAIC and NCOIL Spring 2021 Annual Meetings
Understandably, 2020 was a slow year for the National Association of Insurance Commissioners (NAIC) and National Council of Insurance Legislators (NCOIL) – with the obvious exception of COVID-19 matters. Many Working Groups, Task Forces, and Committees delayed projects and meeting altogether. Although there still are discussions on COVID-19 topics, the recent spring meetings of both groups generally focused on getting regular work streams back up and running.
Topics: Interstate Advocacy NAIC NCOIL
1 min read
Maeghan Gale to Join NAIFA’s Government Relations Team as a Policy Director
The National Association of Insurance and Financial Advisors (NAIFA) is pleased to welcome Maeghan Gale as a Policy Director. Gale will join NAIFA’s Government Relations team on February 1 and will report to Senior Vice President for Government Relations Diane Boyle.
