Iowa Proposes Best Interest Regulation For Annuity Sales

March 4, 2020 by John Hilton

The Iowa Insurance Division unveiled a best-interest proposal Thursday to require annuity agents and securities agents to act in the best interest of their customers.

The regulation is meant to require annuity sellers to put the consumer’s interests first.

Iowa’s regulation follows a vote two weeks ago by the National Association of Insurance Commissioners (NAIC) to amend its model Suitability in Annuity Transactions Model Regulation. NAIC regulators adopted a best-interest standard that is harmonized with rulemaking by the U.S. Securities and Exchange Commission (SEC).

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Originally Posted at InsuranceNewsNet on February 28, 2020 by John Hilton.