9 Things to Know About a New Regulator Group That Might Like You
November 13, 2019 by Allison Bell
A new state insurance regulator panel, the Retirement Security Working Group, is set to have its first public conference call meeting at 1 p.m. Eastern Daylight Time Wednesday.
The working group is part of the National Association of Insurance Commissioners’ Life Insurance and Annuities Committee.
The working group is supposed to “explore ways to promote retirement security consistent with the NAIC’s continuing ‘Retirement Security Initiative,’” according to the group’s official charges.
If you sell annuities or life insurance-based savings arrangements to retirement savers, you too are trying to promote your clients’ retirement security. In theory, that means that you and the working group could have at least some goals in common.
The NAIC is a Kansas City, Missouri-based group for state insurance regulators. It has no direct authority to set insurance rules, but states often start with NAIC’s models when developing insurance laws, regulations and procedures. In some cases, states arrange to have certain NAIC measures, such as technical changes in insurance accounting rules, apply automatically.
Here are seven things to know about the new working group, for agents and brokers.