California’s Adoption of NAIC Annuity Protection Model Means 90% of U.S. Consumers Now Covered

March 6, 2024 by Brian Anderson

Some insurance industry experts are saying that California’s adoption this week of the National Association of Insurance Commissioners (NAIC) best interest model for annuity transactions further negates the need for the DOL’s proposed retirement security rule.

The fact that California—a blue state with the largest population of any state in the country—this week became the 45^th state to adopt the best interest regulation that insurance producers must follow when recommending annuity products to their clients may have some deeper implications than being just another state to adopt the model.

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Wink’s Moore on the Market: Is 90% enough for the Department of Labor?

I’m not so sure… -sjm

Originally Posted at 401k Specialist Mag on March 1, 2024 by Brian Anderson.