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NAIFA Backs Ohio’s Suitability in Annuity Trans-actions Proposal Albeit Minor Edits

By Julie Harrison on Jun 23, 2020 5:41:30 PM

Ohio’s Department of Insurance recently proposed updates to its “3901-6-13 Suitability Annuity Transactions” rule.  The state’s Director of Insurance, Jillian Froment, chaired the National Association of Insurance Commissioner’s Annuity Suitability Working Group while the working group crafted revisions to the NAIC’s “Suitability In Annuity Transactions Model Regulation (#275).”  As expected, the Ohio proposal is similar to the model. It establishes a new standard of conduct that goes beyond the rule’s current suitability standard, but it is not a fiduciary standard. 

Topics: NAIC Model Regulation

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