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Session #1: Emerging & Dynamic Sales Standards 
The past year has seen significant developments impacting regulatory requirements and expectations related to standards associated with the sale of life insurance and annuity products. Some states have a suitability standard while others have migrated to a best interest or a fiduciary standard.  Join us for a look at the evolution of sales standards followed by a comparison of the requirements associated with the revised NAIC Suitability in Annuity Transactions Model Regulation and the SEC’s Regulation Best Interest.

Important Note: The presentation is best viewed using Google Chrome rather than other web browsers.

Session #2: Diving into Disclosures
Revisions to the NAIC Suitability in Annuity Transactions Model Regulation expand on the information required to be disclosed to a consumer. Such disclosures include the terms of the relationship, any material conflicts of interest, the types of products the producer is authorized to sell, the type of affiliation the producer has with an insurer or insurers, sources and types of cash and non-cash compensation, the consumer’s right to request additional information, additional compensation information when requested by the consumer, the basis of the recommendation, and key information regarding the product’s features, limitations, costs, etc. Hear thoughts regarding how to approach these requirements and how to promote producers’ understanding their disclosure requirements and related documentation needs.

Important Note
: The presentation is best viewed using Google Chrome rather than other web browsers.


Session #3: Training Tactics & Tribulations

Under the revised Model, a producer may rely on completion of the previous four-hour annuity training module plus completion of an additional one-hour, new training module. Or, a producer may opt to complete an updated version of the four-hour training module. What will your company require? How will you track training completions? How will you handle training requirements specific to the annuity products you distribute?  How will you communicate the new sales standards, disclosures, documentation and other requirements to your producers and distributors? A panel will discuss considerations for communications and training.


Session #4: Insurer New Business Processes

Avoid the perfect storm by shoring up your internal new business issue processes as you prepare to implement the requirements of the revised NAIC Suitability in Annuity Transactions Model Regulation. It is likely that these revisions will impact the manner in which new business is processed. An expert panel will discuss new business process elements insurers may want to revisit as they prepare to implement the revised NAIC Model.

Slides  |  Presentation


Session #5: Oversight & Supervision
The revised NAIC Model requires an insurer to establish and maintain a system of supervision. That system requires controls that result in the reasonable belief an annuity sale addresses the consumer’s needs, the establishment and maintenance of numerous policies and procedures covering all aspects of the Model, a written annual report to senior management, supervision of third parties performing contracted functions, and the monitoring of, and information sharing with, financial professionals and entities relying on the safe harbor provision of Model. A panel will discuss key elements insurers should focus on as they enhance their oversight and supervision systems.


Additional Resources

CEFLI is including the following resource materials for members:

The NAIC Suitability in Annuity Transactions Model Regulation:

Summary, Comparison, and Checklist Resources:

Should you have any questions or issues viewing content, please contact Mallory Bennett: MalloryHart@cefli.org.