Maine Adopts Annuity Best Interest Regulation
July 13, 2021 by Allison Bell
State adoption of annuity best interest rules based on a suitability model update developed by the National Association of Insurance Commissioners may be accelerating.
Maine recently became the 15th state to move to the NAIC’s model, when the Maine Bureau of Insurance adopted a regulation based on the model update.
The list of other states that have signed on, by adopting regulations or passing laws, includes Montana, Texas, Alabama and Virginia, according to the American Council of Life Insurers (ACLI).
The ACLI and the National Association of Insurance and Financial Advisors have put out joint letters welcoming the recent flurry of NAIC suitability model update adoptions.