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2 min read

Wisconsin Legislature Strengthens Protections for Annuity Products

By Bianca Alonso Weiss on 3/2/22 11:41 AM

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.

Topics: Annuities State Advocacy Wisconsin NAIC Model Regulation
2 min read

New Mexico Enhances Protections for Annuity Consumers

By NAIFA & ACLI on 3/1/22 2:46 PM

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:

Topics: Annuities Legislative & Regulatory State Advocacy Interstate Advocacy Press Release NAIC Model Regulation
2 min read

NAIC President Dean Cameron Learned the Industry as a Long-time Producer and NAIFA Member

By NAIFA on 2/24/22 5:57 PM

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.

Topics: Interstate Advocacy NAIC Model Regulation
1 min read

NAIFA-ND Tells Lawmakers Their Clients Come First

By Julie Harrison on 3/9/21 3:35 PM

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.

Topics: Annuities Legislative & Regulatory State Advocacy NAIC Model Regulation
1 min read

NAIFA-Idaho Testifies at Hearing on Annuity Best Interest Legislation

By NAIFA on 2/11/21 6:14 PM

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.

Topics: Annuities Legislative & Regulatory State Advocacy NAIC Model Regulation
1 min read

Ohio Finalizes Annuities Best Interest Rule Based on the NAIC Model

By NAIFA on 2/10/21 5:05 PM

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.

Topics: Annuities Legislative & Regulatory State Advocacy Press Release NAIC Model Regulation
1 min read

Delaware Joins the Growing List of States Adopting the NAIC Annuity Model

By NAIFA on 2/8/21 3:34 PM

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.

Topics: Annuities Legislative & Regulatory State Advocacy Interstate Advocacy NAIC Model Regulation
1 min read

NAIFA-Nebraska Supports Legislation to Boost Consumer Protections on Annuities

By NAIFA on 1/25/21 2:15 PM

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.

Topics: Annuities Legislative & Regulatory State Advocacy Interstate Advocacy NAIC Model Regulation
2 min read

Michigan and Arkansas Adopt Best Interest Rule on Annuities

By NAIFA on 1/5/21 10:44 AM

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

Topics: Legislative & Regulatory State Advocacy Interstate Advocacy NAIC Model Regulation
1 min read

NAIFA-Delaware and ACLI Advocate for Annuities Best Interest Rule

By NAIFA on 12/2/20 10:24 AM

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.

Topics: Annuities State Advocacy NAIC Model Regulation

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