Life, Retirement Industry Officials Wary of ‘Patchwork’ Annuity Sales Standards
March 7, 2019 by Elizabeth Festa
Top representatives of the life insurance and retirement industries talked Wednesday, during a panel discussion in Washington, about the possibility that states could create a patchwork quilt of annuity sales standards.
The American Council of Life Insurers is actively engaged with the Securities and Exchange Commission and the National Association of Insurance Commissioners on the conflicts of interest and the best interest of the consumer rulemakings, according to Susan Neely, the ACLI’s president.
The SEC began work on its advice-standards package, which includes the proposed Regulation Best Interest, after a court vacated the U.S. Department of Labor’s fiduciary rule.
Neely said here are some states, such as Maryland, that are trying to set their own sales standards before the SEC completes work on its project.
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