More States Adopt Annuity ‘Best Interest’ Regulation
The push to change regulatory standards for annuity sales is gaining momentum. On Aug. 17, Connecticut became the 16th state to adopt a suitability model update developed by the National Association of Insurance Commissioners (NAIC). The update sets a “best interest” standard for annuity sellers, meaning sellers must put customers’ interests ahead of their own. “The department’s action b...
