AARP & IMSA Address the Changing Annuities Conversation and Regulation at Upcoming Summit Meeting
May 27, 2010 by N/A
WASHINGTON, DC — 05/25/10 — AARP and The Insurance Marketplace Standards Association (IMSA) will convene an Annuity Suitability Summit Meeting in Washington, D.C. on June 10, 2010. State and federal regulators, consumer advocates, life insurance companies, and those who sell and distribute products will gather to address the critical issues regarding the suitability of annuity sales to consumers and the challenges of coordinating regulatory approaches to best serve consumers.”Retirement Security in a Regulated Marketplace: Annuities in 2010 & Beyond” is designed to address the changes taking place in the annuities marketplace and its evolving regulation. Given the proposal that annuities be factored into 401(k) planning, annuity suitability is more important than ever before. Confirmed participants include:
- Roger Sevigny, New Hampshire Insurance Commissioner and NAIC Market Regulation and Consumer Affairs (D) Committee Chair;
- Thomas Sullivan, Connecticut Insurance Commissioner and NAIC Life Insurance and Annuities (A) Committee Chair;
- John Walsh, Chief Counsel, Office of Compliance Inspections and Examinations, SEC; and
- Larry Kosciulek, Investment Companies Regulation Director, FINRA.
“AARP is very focused on annuity products being sold to older adults and strongly supports the work IMSA is doing in the insurance marketplace,” said AARP Executive Vice President and Chief Communications Officer Kevin Donnellan. “This valuable work benefits older Americans, many of whom rely on annuities and other life insurance products as part of their financial planning.”
“Americans of all ages in all 50 states need to be treated fairly,” said IMSA President & CEO, Brian Atchinson, “and AARP and IMSA are working together to ensure that insurance industry standards remain high. Clarity and communication between all key stakeholders is paramount.”
IMSA is the market conduct and compliance solutions organization for the life insurance, annuity and long-term care insurance marketplace for individually sold products. Qualified companies commit to maintaining high ethical market conduct standards and to being fair, honest, and open in the way they advertise, sell and service their products. For more information and a list of IMSA-qualified companies, visit www.IMSAethics.org.
For information, contact: