NAIC Comments Show Increasing Opposition to Best Interest Model Law
May 3, 2018 by John Hilton
A pair of major developments on the fiduciary rule front is motivating stronger opposition to the National Association of Insurance Commissioners’ annuity transactions model law.
The NAIC initially shut off comments on its model law Jan. 20. Since then, its annuity suitability working group has been unable to come to a consensus on a model law, instead agreeing to another 30-day public comment period.
Meanwhile, the Fifth Circuit Court of Appeals tossed out the Department of Labor fiduciary rule March 20. Nearly a month later, the Securities and Exchange Commission tentatively adopted a best interest rule covering broker-dealers.
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