Trade Groups Offer Changes To NAIC Annuity Sales Model Reg
October 9, 2019 by Press Release
The Insured Retirement Institute (IRI) and seven other trade associations filed comments Tuesday on a proposed National Association of Insurance Commissioners (NAIC) model regulation saying that they remain “committed to a harmonized best interest standard of care for annuities to benefit consumers seeking guaranteed lifetime income in retirement across all regulatory platforms.”
The groups added that they support the NAIC’s most recent draft proposed new framework for the model regulation that, “in broad alignment with the Securities and Exchange Commission (SEC) Regulation Best Interest, would define how to “act in the best interest of the consumer.”
The Annuity Suitability Working Group is holding two-hour conference calls in a speeded-up timeline designed to finally complete the model law.