INSURANCE: Changes made to annuity model regulation
The National Association of Insurance Commissioners recently adopted changes to a model regulation pertaining to annuities.
The National Association of Insurance Commissioners recently adopted changes to a model regulation pertaining to annuities. The approved amendments, made to the group’s Suitability in Annuity Transactions Model Regulation, do the following: clarify that the insurer is responsible for compliance with the model’s requirements; require the review of all annuity transactions; and establish general and product-specific training requirements for producers. The changes are expected to become law in all states. For more information, go here.
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