NAIC Aims to Understand Federal Annuity Sales Standard Regulators: IRI Conference
April 27, 2021 by Allison Bell
What You Need to Know
- Ten states have adopted the NAIC’s model update.
- Eight states are considering adoption.
- David Altmaier, the NAIC’s president, said regulatory harmonization is a goal, and effectiveness of regulation is also a goal.
David Altmaier, the president of the National Association of Insurance Commissioners, said the NAIC is pushing hard to speak to federal regulators about annuity sales standards.
Altmaier discussed the NAIC’s annuity suitability model update, which requires annuity issuers and producers to work in the best interest of the customers, Wednesday, during a session at the Insured Retirement Institute’s 20 in 2021 online conference. Click HERE to read the full story via ThinkAdvisor