NAIC Working Group Wades Into Retirement Crisis
August 27, 2019 by John Hilton
The National Association of Insurance Commissioners are wading into the retirement security issue with a new working group that is kicking off with a very broad charge.
The Life Insurance and Annuities Committee established the Retirement Security Working Group during the NAIC Summer Meeting in New York City earlier this month. Stephen Taylor, insurance commissioner for the District of Columbia, is serving as the working group’s first chairman.
“This is one of the more important issues that we as a country face,” said Iowa Insurance Commissioner Doug Ommen during the New York meeting. “I would describe this as an ambitious work plan.”
Taylor led a lengthy discussion on things the group could undertake, such as developing a continuing education (CE) component requirement for producers that includes needs analysis and suitability, including a draft of 30 new exam questions.