‘Best Interest’ Is Sometimes Best Left Undefined, Regulator Says
April 9, 2019 by John Hilton
BALTIMORE — There is a good reason why state insurance regulators are not keen on spelling out a “best interest” standard in an annuity sales rule, said Matthew Gendron, counsel for the Rhode Island Division of Insurance.
And it has nothing to do with fear of a strong standard, he added. Gendron is on a National Association of Insurance Commissioners’ working group that came to tentative agreement on a best-interest-like rule for annuity sales. Except those words are not used.
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