NAIC Sales Standard Proposal Includes Reg BI Safe Harbor: IRI
January 1, 2020 by Allison Bell
The Insured Retirement Institute (IRI) says state insurance regulators’ sales standard proposal includes a great feature for financial professionals: a provision that may protect annuity producers from having to comply with multiple sets of sales standards.
Members of the National Association of Insurance Commissioners’ Life Insurance and Annuities Committee endorsed the proposal — an update of the NAIC’s annuity suitability model — Monday, during a conference call meeting.
To become an official NAIC model update, the proposal must win approval from the NAIC’s Executive Committee and from the NAIC’s plenary. The plenary is the body that represents all voting members of the NAIC.
If the NAIC adopts the model update, each state will get to decide for itself whether it wants to implement the update.