California Threatens NAIC With N.Y. Annuity Standard
August 4, 2019 by John Hilton
California Insurance Commissioner Ricardo Lara wants “as close to a fiduciary standard as possible” to govern annuity sales, his office says.
The California Department of Insurance weighed in this week with comments on a controversial annuity sales model law being debated by a National Association of Insurance Commissioners’ working group.
If the NAIC doesn’t come through with a tough standard, “like New York, we may decide to pursue laws that are stronger than the revised NAIC Model Regulation,” Lara’s office said in an email response to InsuranceNewsNet.
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A substantial amount of annuity sales are made in California, said Sheryl Moore, president and CEO of Moore Market Intelligence. The state is “close” to top five for most annuity sellers.
