NAIC approves revised “best interest” rule for annuities

February 21, 2020 by Editorial Staff

The revisions clarify that all recommendations by agents and insurers must be in the best interest of the consumer.

In a meeting of the National Association of Insurance Commissioner (NAIC) Plenary last week, the association approved revisions to the Suitability in Annuity Transactions Model Regulation (#275), a February 13, 2020, NAIC release said.

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Originally Posted at Retirement Income Journal on February 20, 2020 by Editorial Staff.