NAIC Introduces Best Interest Standard

The NAIC Annuity Suitability Working Group recently issued a revised version of the NAIC Suitability in Annuity Transactions Model Regulation to incorporate a Best Interest Standard.  

The NAIC Annuity Suitability Working Group, chaired by Idaho Director Dean Cameron, is on a “very fast track” to receive comments on this initial draft and to incorporate those comments for further review at the NAIC Spring National Meeting in late March 2018.

The stated goal of the Working Group is to develop a “final draft” of revisions to the NAIC Suitability in Annuity Transactions Model Regulation for adoption by the NAIC at its Summer National Meeting scheduled to take place in early August 2018.

A copy of the initial draft issued by the NAIC can be found here.

Comments are due to the Working Group on this initial draft not later than January 22, 2018.