Virginia, Alabama, Adopt Amended Annuity Sales Rules

July 6, 2021 by Staff Reports

Virginia and Alabama became the latest pair of states to adopt updated annuity sales rules based on a National Association of Insurance Commissioners’ model regulation.

They become the 13th and 14th states to adopt the new standard, which basically applies a “best interest” update to existing annuity suitability rules.

Adopted in February, the NAIC model law articulates the best-interest standard through the following four obligations: care, disclosure, conflict of interest and documentation.

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Originally Posted at InsuranceNewsNet on July 1, 2021 by Staff Reports.