California’s annuity sales update on track after trade groups sign off

June 28, 2023 by John Hilton

An annuity sales bill updating California’s suitability standard is expected to be presented Wednesday to the state Assembly Committee on Insurance.

After a brief delay, the bill is back on track after a pair of industry trade associations withdrew their objections late last week.

The California annuity sales bill is based on the best-interest model law put forth by the National Association of Insurance Commissioners. Industry lobbyists support the best-interest standard as a preferable option to a fiduciary law.

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Originally Posted at InsuranceNewsNet on June 26, 2023 by John Hilton.