Category: Best Interest Contract legislation Annuities
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 ...