American Council of Life Insurers (ACLI) President and CEO Susan Neely and NAIFA-Vermont President Tyler Wood issued the following joint statement on the best interest annuity rule adopted recently by the Vermont Department of Financial Regulation:
“A new rule adopted by the Vermont Department of Financial Regulation, led by Commissioner Kevin Gaffney, provides stronger protections to consumers seeking lifetime income through annuities. The rule enhances the standards financial professionals must follow and protects consumers' access to, and information about, annuities, the only financial product in the marketplace that can provide guaranteed income for life.
