Full NAIC Adopts Annuity Suitability Model Update

February 19, 2020 by Allison Bell

Members of the National Association of Insurance Commissioners (NAIC) today voted to approve an update to the NAIC’s Suitability in Annuity Transactions Model Regulation (Model Number 275).

The revisions add a requirement for agents, brokers and other annuity producers to “act in the best interest of the consumer when making a recommendation of an annuity,” according to model text.

The model update also extends an existing model provision that states that “nothing herein shall be construed to create or imply a private cause of action for a violation of this regulation.”

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Originally Posted at ThinkAdvisor on February 13, 2020 by Allison Bell.