NAIC Finalizes ‘Best Interest’ Annuity Sales Model Law

February 19, 2020 by John Hilton

State insurance commissioners voted today to sent a strengthened annuity sales model law that adds a best-interest standard to the states for adoption.

The successful vote came over the strenuous objections of New York Superintendent of Financial Services Linda Lacewell.

“I believe the role of the NAIC should be to lift all states up and not just be the common denominator of what can be agreed to by 50 states plus territories,” Lacewell said.

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Originally Posted at InsuranceNewsNet on February 13, 2020 by John Hilton.