N.Y. Urges Life Insurance Fiduciary Standard in NAIC Rule
January 26, 2018 by John Hilton
In a reversal of roles, New York is urging the National Association of Insurance Commissioners to adopt the state’s new best interest regulation, which extends fiduciary responsibility to life insurance.
The New York finance superintendent made the suggestion in a comment letter submitted to the NAIC on its new annuity suitability model.
The NAIC model covers annuity sales only. Twenty comment letters on that proposal were accepted through a Jan. 22 deadline and released Thursday.
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