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NAIC Committee Adopts Best Interest Model FAQs

By Julie Harrison on 7/23/21 5:00 PM

The NAIC Life and Annuities (A) Committee recently adopted the frequently asked questions (FAQs) regarding the best interest model adopted by the Committee in February of 2020.  As most NAIFA members by now already know, the updated model clarifies that all recommendations by agents and insurers must be in the best interest of the consumer and that agents and carriers may not place their financial interest ahead of the consumers’ interest in making a recommendation. In addition, the model now requires agents and carriers to act with “reasonable diligence, care and skill” in making recommendations.

Topics: Annuities Members Voice of the Agent