The state’s Insurance Department Rule 82, which may soon be updated to match a suitability framework recently adopted by the National Association of Insurance Commissioners, seeks to address conflicts of interest among annuity providers and their proxies.
If the fiduciary rule saga has made one thing clear, it is that creating consensus about conflict of interest regulations is hard work. Even supporters of the new Department of Labor proposal say there is room for improvement.
Multiple national-level conflict of interest rules are now aligned that will require financial professionals to act in the best interest of consumers.
The National Association of Insurance Commissioners sees its new conflict of interest regulations as working in harmony with the Securities and Exchange Commission’s Regulation Best Interest.
Notably, the proposed revisions to the Suitability in Annuity Transactions Model Regulation would provide a safe harbor for firms and producers that comply with the SEC’s Regulation Best Interest.
The National Association of Insurance Commissioners is seeking to update its rules and restrictions on the sales of annuities so they better harmonize with the SEC’s Regulation Best Interest.
The standard-setting and regulatory support organization governed by the chief insurance regulators of all 50 states set today as a deadline for industry comments on the latest draft of a model best-interest suitability standard applying to annuity sales.