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.
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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
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NAIFA-ME Connects Producers and Lawmakers at Virtual Legislative Breakfast
NAIFA-Maine’s virtual Legislative Breakfast on March 9 featured video conference meetings connecting NAIFA members with state lawmakers whose policy decision impact the businesses of insurance and financial professionals as well as the consumers they serve. Legislators in attendance included:
