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.
2 min read
Michigan and Arkansas Adopt Best Interest Rule on Annuities
By NAIFA on Jan 5, 2021 10:44:27 AM
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 Dec 2, 2020 10:24:47 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
1 min read
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.