A new rule adopted recently by the Illinois Department of Insurance provides greater safeguards for consumers seeking lifetime income from annuities. Illinois is the 32nd state to adopt a measure that implements the “best interest of consumer enhancements” in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. The new laws and regulations also align with the SEC’s Regulation Best Interest.
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Illinois Enhances Protections for Annuity Consumers
Topics: State Advocacy Press Release NAIC Model Regulation Annuity Best Interest
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NAIFA Congratulates 2023 NAIC Leaders
NAIFA would like to congratulate newly elected National Association of Insurance Commissioners (NAIC) elect officers for 2023:
- President: Missouri Insurance Director Chlora Lindley-Myers. Chlora Lindley-Myers was confirmed as the director of the Missouri Department of Commerce and Insurance on April 13, 2017.
