NAIC ‘Not Supposed To Be A Dictatorship,’ NY Commissioner Says

June 1, 2018 by John Hilton

KANSAS CITY — Things started hot at the National Association of Insurance Commissioners’ working group meeting today as members immediately tangled over whether life insurance should be included in its best interest rule.

The Annuity Suitability Working Group is only charged with developing a standard model law for annuities, Chairman Dean Cameron said at the start of the session.

New York Insurance Commissioner James Regalbuto was not satisfied with those ground rules. New York is proposing a best interest standard that covers both life insurance and annuities.

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Originally Posted at InsuranceNewsNet on May 31, 2018 by John Hilton.