Iowa Begins Applying Best-Interest Regulations
January 13, 2021 by Allison Bell
Iowa’s top insurance regulator says the state will go beyond using the new annuity suitability regulation update developed by the National Association Association of Insurance Commissioners (NAIC).
Doug Ommen, Iowa’s insurance commissioner, says Iowa also will use the drafting notes included in the annuity suitability regulation update model, and a set of answers to frequently asked questions that an NAIC team is drafting.
Use of the FAQ document “will promote greater uniformity across NAIC member jurisdictions,” Ommen writes in Bulletin 21-01.