NAIC Working Group Balks At Tough ‘Best Interest’ Annuity Rule

October 23, 2018 by John Hilton

CHICAGO — The New York-California faction made a big push to beef up a proposed state insurance commissioners’ annuity sales rule, but the effort fell short when working group members rejected “best interest” language.

The Annuity Suitability Working Group took all of its scheduled five hours today to finish a section-by-section review of the model rule — a process that began May 31 at a special meeting in Kansas City.

Members re-convene at 8 a.m. Tuesday to start from the top and iron out lingering disagreements. Chairman Dean Cameron steered competing conservative and liberal factions through the rule via a series of “straw poll” votes.

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Originally Posted at InsuranceNewsNet on October 23, 2018 by John Hilton.