NAIC To Give ‘Guidance’ To States On Best-Interest Annuity Rules
July 15, 2020 by John Hilton
A state insurance regulator panel is set to develop guidance for states on adopting the best-interest annuity sales model law formalized earlier this year.
The National Association of Insurance Commissioners revisions to the suitability in annuity transactions (#275) model law were adopted in February. Since then, Arizona and Iowa have adopted the rules, which establish a best-interest standard that aligns with rules being considered by other agencies.