Alabama, Rhode Island, Push Best-Interest Annuity Sales Rules
December 9, 2020 by John Hilton
The Alabama Department of Insurance is accepting public comment until Monday on a regulation amendment to attach a “best-interest standard” to annuity sales rules.
The amended rule will take effect Jan. 1, 2021, Commissioner Jim Ridling said, and is modeled after the best-interest rules the National Association of Insurance Commissioners approved earlier this year.
Likewise, Rhode Island is proposing a similar update to the standard “suitability in annuity transactions” regulation that most states adopted since the NAIC produced it in 2010.
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