Arizona Governor Doug Ducey signed into law SB 1557 on Friday June 5, 2020. The measure will amend the state’s requirements governing annuity recommendations and sales by requiring producers and insurers to act in the best interest of annuity purchasers and to not put their own financial interests ahead of the consumers’ interest. These revisions track amendments made earlier this year by the National Association of Insurance Commissioners to the NAIC Suitability in Annuity Transactions Model Regulation, which aligns well with the SEC’s Regulation Best Interest and will raise the standard of care required of financial professionals while preserving consumers’ access to valuable financial advice, services and products.
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Arizona Annuity Sales Standards Bill Signed Into Law
Topics: State Advocacy Standard of Care & Consumer Protection Annuity Best Interest Arizona Insurance & Financial Advisor Regulation
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NAIFA-Arizona's State Advocacy Day Is Picture Perfect
NAIFA-Arizona held a successful state advocacy day in Phoenix earlier this year, with approximately 40 insurance and financial professions in attendance. They hosted legislators and Capitol Hill staffers at a luncheon and met individually with their elected officials.
Topics: State Advocacy Grassroots Arizona Legislative Day
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State Advocacy: NAIFA Promotes Iowa and Arizona Annuity Sales Standards
Iowa and Arizona are the first states to introduce measures that would implement a model standard of care for annuity sales developed by the National Association of Insurance Commissioners (NAIC). NAIFA chapters in both states successfully advocated for the NAIC model.
