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.
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NAIFA-ND Tells Lawmakers Their Clients Come First
Topics: Annuities Legislation & Regulations State Advocacy NAIC Model Regulation
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NAIFA-Idaho Testifies at Hearing on Annuity Best Interest Legislation
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 Legislation & Regulations State Advocacy NAIC Model Regulation
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Ohio Finalizes Annuities Best Interest Rule Based on the NAIC Model
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 Legislation & Regulations State Advocacy Press Release NAIC Model Regulation
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Delaware Joins the Growing List of States Adopting the NAIC Annuity Model
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 Legislation & Regulations State Advocacy Interstate Advocacy NAIC Model Regulation
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NAIFA-Nebraska Supports Legislation to Boost Consumer Protections on Annuities
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 Legislation & Regulations State Advocacy Interstate Advocacy NAIC Model Regulation
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Michigan and Arkansas Adopt Best Interest Rule on Annuities
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: Legislation & Regulations State Advocacy Interstate Advocacy NAIC Model Regulation
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NAIFA-Delaware and ACLI Advocate for Annuities Best Interest Rule
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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NAIFA Backs Ohio’s Suitability in Annuity Trans-actions Proposal Albeit Minor Edits
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.
