What If Annuity Prospects Hate All Those Questions?

September 25, 2019 by Allison Bell

Members of the Annuity Suitability Working Group are facing a difficult problem: what to do about annuity shoppers who have no interest whatsoever in spilling their guts into a consumer profile information questionnaire.

The group is part of the National Association of Insurance Commissioners (NAIC).

The suitability working group members are trying to add provisions for tight-lipped annuity shoppers to an existing NAIC model regulation, the Suitability in Annuity Transactions Model Regulation (Model Number 275). State insurance laws and regulations based on the suitability model require annuity sellers to verify that the products consumers are buying suit those consumers’ needs.

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Originally Posted at ThinkAdvisor on September 24, 2019 by Allison Bell.