Industry, Consumer Reps Take Final Whack At NAIC Annuity Sales Rule
December 6, 2019 by John Hilton
Final comments are in as stakeholders make a last-ditch effort to sway state insurance regulators on its suitability in annuity transactions model law.
With a Sunday meeting looming before its parent Life Insurance and Annuities Committee, the Annuity Suitability Working Group is preparing to present a tentative draft of its annuity sales model, which the group voted to finalize Nov. 5. The model incorporates a best-interest standard into existing suitability principles. A final comment period closed Nov. 26.
Ideally, the National Association of Insurance Commissioners would approve the model and send it to states for potential adoption in 2020. That process will begin this weekend at the NAIC Fall Meeting in Austin, Texas.
But first, industry reps, trade associations and consumer groups want a final say at several key issues. They include:
Click HERE to read the full story via INN.