NAIC Group Blocks NY Push For Tougher Annuity Transaction Standard

June 5, 2018 by John Hilton

KANSAS CITY – The National Association of Insurance Commissioners’ working group adjourned on Friday with what some called a framework for an annuity transaction model law after a day and a half of heated debate.

Much of the discussion during the half-day of discussion on Friday focused on documentation. Iowa’s conservative language won out as it had during Thursday’s deliberation, but not entirely. The liberal faction led by New York gained a concession with language requiring the producer to disclose the basis for any new recommendation to the consumer.

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Originally Posted at InsuranceNewsNet on June 1, 2018 by John Hilton.