Regulators Debate Need For ‘Prudence’ In Annuity Sales Standard
August 1, 2019 by John Hilton
State insurance regulators aim to tentatively finalize a standard for annuity sales by the National Association of Insurance Commissioners’ Fall Meeting in December.
Debate over whether to add “prudence” to the model law dominated another 90-minute conference call Monday by the Annuity Suitability Working Group. Chairwoman Jillian Froment warned members to expect a “heavy call schedule” over the coming weeks.
The group will meet in person Saturday morning at the NAIC Summer Meeting in New York City. Efforts to complete an annuity sales model law have been ongoing for more than a year.
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