Arkansas, Michigan Adopt Annuity Suitability Rules
January 6, 2021 by Timothy Darragh
LITTLE ROCK, Ark. //BestWire// – Arkansas and Michigan have become the latest states to approve regulations requiring insurance producers and agents to keep consumers’ best interest in the forefront when selling annuity products.
The new regulations largely follow the model law approved last year by the National Association of Insurance Commissioners.
The revisions say all recommendations by agents and insurers must be in the best interest of the consumer; agents and carriers may not place their financial interest ahead of the consumer’s interest in making recommendations.