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.
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:
Dean L. Cameron, Director of the Idaho Department of Insurance, is the 2022 President of the National Association of Insurance Commissioners (NAIC). Cameron is a third-generation insurance professional with more than 32 years of experience. Prior to entering state politics, he was a NAIFA member who served two terms as the President of NAIFA’s Idaho chapter.
NAIFA-ND President Lyle Kraft testified at the State Senate Industry, Business and Labor Committee on March 9, on the importance of passing an important new best interest standard.
NAIFA-Idaho member EmmaLee Robinson testified before a hearing of the Idaho Legislature on the Annuity Consumer Protections Act (HB 79) and encouraged lawmakers to adopt legislation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model. The NAIC model requires financial professionals to work in the best interests of consumers on annuity transactions.
The Ohio Department of Insurance has finalized a rule based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions. The new rule goes into effect in Ohio on Feb. 14.
The Delaware Department of Insurance has published a final regulation based on the National Association of Insurance Commissioners’ updated Suitability in Annuity Transactions Model that requires financial professionals to work in the best interests of consumers on annuity transactions.
As the Nebraska Legislature considers LB 22, legislation that would establish an enhanced standard of care for financial professionals offering annuity products, NAIFA-NE Past-President Dave Skutnik submitted testimony in support of the bill on behalf of NAIFA’s Nebraska chapter.
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.
NAIFA-Delaware and the American Council of Life Insurers (ACLI) have commended Delaware Insurance Commissioner Trinidad Navarro for proposing a best interest annuity rule based on the National Association of Insurance Commissioners’ (NAIC’s) revised Suitability in Annuity Transactions Model Regulation.
