Virginia, Alabama, Adopt Amended Annuity Sales Rules
July 6, 2021 by Staff Reports
Virginia and Alabama became the latest pair of states to adopt updated annuity sales rules based on a National Association of Insurance Commissioners’ model regulation.
They become the 13th and 14th states to adopt the new standard, which basically applies a “best interest” update to existing annuity suitability rules.
Adopted in February, the NAIC model law articulates the best-interest standard through the following four obligations: care, disclosure, conflict of interest and documentation.