Iowa Proposes NAIC Annuity Standard That Eclipses Suitability
June 18, 2019 by John Hilton
Iowa Insurance Commissioner Doug Ommen is attempting to cross a seemingly unbridgeable divide with a new “best interest” annuity sales rule that erases references to “suitability.”
The proposal will be presented and discussed next week when a National Association of Insurance Commissioners’ working group meets in Columbus, Ohio, for an all-day meeting. The Annuity Suitability Working Group is attempting to finalize a rule before the NAIC Summer Meeting on Aug. 2 in New York City.
After several meetings over the past year, the group is at loggerheads over some members’ desires for a tougher standard that spells out “best interest.” More conservative members have resisted those explicit words.
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