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.
1 min read
NAIFA-ND Tells Lawmakers Their Clients Come First
Topics: State Advocacy Standard of Care & Consumer Protection Grassroots Annuity Best Interest North Dakota Insurance & Financial Advisor Regulation
1 min read
DOL Confirms PTE on Retirement Advice Will Go Into Effect Feb. 15
The Biden Administration has confirmed that the Department of Labor (DOL) will move forward with a prohibited transaction exemption (PTE) for financial professionals who provide retirement plan advice. DOL previously announced the new PTE on December 15 during the Trump Administration. It goes into effect February 15.
Topics: Standard of Care & Consumer Protection Federal Advocacy DOL Insurance & Financial Advisor Regulation
1 min read
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: State Advocacy Standard of Care & Consumer Protection Grassroots Annuity Best Interest Idaho Insurance & Financial Advisor Regulation
1 min read
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: State Advocacy Standard of Care & Consumer Protection Grassroots Annuity Best Interest Insurance & Financial Advisor Regulation Ohio
1 min read
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: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Delaware Insurance & Financial Advisor Regulation
1 min read
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: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Insurance & Financial Advisor Regulation Nebraska
1 min read
North Dakota House Committee Advances NAIFA-Supported Annuity Transactions Bill
This week the North Dakota House Industry, Business and Labor Committee unanimously approved H.B. 1160, a bill that tracks with the “best interest of consumer enhancements” in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation.
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest North Dakota Insurance & Financial Advisor Regulation
2 min read
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.
