NAIC Punts Fiduciary Standard, Invites More Comments

March 27, 2018 by John Hilton

A National Association of Insurance Commissioners working group voted Saturday to open up another 30-day comment period on its controversial annuity sales standard.

The new comment period will end Friday, April 27. Comments can be sent by email only to Jolie H. Matthews, senior health and life policy counsel, at jmatthews@naic.org.

The NAIC is attempting to adopt a model law that states can then put in place, creating a uniform standard. Some industry critics say it too closely mimics the Department of Labor fiduciary rule that was struck down by the courts last week, while others say it doesn’t go far enough.

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Originally Posted at InsuranceNewsNet on March 26, 2018 by John Hilton.