Annuity Suitability Working Group Tries to Get Out of the Parking Lot
August 13, 2019 by Ann Young Black, Jamie Bigayer
The NAIC Annuity Suitability Working Group (Suitability WG) spent the summer at the July 23, July 29, and August 3 Suitability WG meetings trying to get out of the parking lot and discussed several issues to frame up the proposed revisions to the Suitability in Annuity Transactions Model Regulation (Suitability Model). Chair Jillian Froment explained that the Suitability WG is trying to develop a best interest standard that is less than a fiduciary standard but greater than the current suitability standard. She then directed the Suitability WG through the “parking lot” issues to reach general consensus on a framework for the proposed revisions.
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