9 Things Co9 Things Commenters Are Saying About Iowa’s Best Interest Proposal
May 6, 2020 by Allison Bell
Iowa looks more and more like a major geographic center for the U.S. annuity industry, and Doug Ommen, Iowa’s insurance commissioner, looks as if he’s one of the top annuity regulators.
American Equity Investment Life, Fidelity & Guaranty Life, FBL Financial Group, Principal and Transamerica all have headquarters offices or other major offices there, and Ommen led the National Association of Insurance Commissioners’ efforts to shape the NAIC’s new annuity suitability standards model update.
Now, the Iowa Insurance Division is reviewing comments on a proposed best interest standard that’s based on the NAIC model, and on the thinking behind the U.S. Securities and Exchange Commission’s Regulation Best Interest regulations.
The Iowa division recently posted a collection of public comments on the proposal on its website.