More States Rush To Adopt Best Interest Annuity Sales Rule
January 13, 2021 by John Hilton
Several more states are moving quickly to add a best-interest annuity sales standard to its regulation of insurance products.
The latest states to pursue the best-interest model law put forth by the National Association of Insurance Commissioners are Michigan, Arkansas, Maine and Nebraska.
In February 2020, the NAIC adopted a model law that articulates a best-interest standard through the following four obligations: care, disclosure, conflict of interest and documentation.