Producers Beware: More States Adopt NAIC Annuity Suitability Framework
July 5, 2021 by John Manganaro
The Alabama Department of Insurance has finalized key revisions to the state’s Insurance Regulation No. 137, which sets forth conflict of interest mitigation requirements concerning the suitability of the sale of annuities.
The revisions make the Alabama suitability regulation substantially similar to the most recent revisions of the Suitability in Annuity Transactions Model Regulation developed by the National Association of Insurance Commissioners (NAIC). The effective date of the revisions in Alabama is January 1, 2022.