Speak with a Registered Agent: 1-866-223-2121

Speak with a Registered Agent: 1-866-223-2121

NAIC Annuity Oversight Plan Forges Ahead


By

The National Association of Insurance Commissioners is still working on a new model act to ensure the suitability of annuities even though some people were questioning the need for such an act.  This information comes from insurancenewsnet‘s article “Plan for New Annuity Model Continues at NAIC.”  The model currently being used is from 2006 and called Suitability in Annuity Transactions Model Regulation.  According to Sean Dilweg, the Wisconsin Insurance Commissioner and chairman of the Suitability in Annuity Transactions Model Regulation, a new plan is necessary to keep up with recent changes in the marketplace and new regulations.

Insurance companies would be held more accountable for ensuring the suitability of their annuity products whereas they currently can pass that responsibility off to either third parties or the broker-dealers.  The new model is applied to all consumers, regardless of their age.  Fixed annuity rates and policies must be proven to be the best option for each individual customer as do the variable annuity policies.  The new model is similar to practices already put in place by the federal government for broker-dealers and other advisers regarding variable annuities.

For more information about the product mentioned in this article contact us here:

Newest Blog Posts

Information Request Form

If you have questions or would like more information, please complete this form and a licensed professional will be happy to help.

Broker
Newsletter
Hidden

By providing your information and clicking 'Submit' above, you acknowledge that you have read and agree to this site's privacy policy. You also provide your consent to be contacted at the email address or phone number provided above (including any wireless number) by licensed agents or representatives from or on behalf of AFYI Holdings Group, LLC and other companies to provide the information requested and/or offer annuities or financial products. You understand that these calls or SMS messages may be generated using an automated telephone dialing system, a pre-recorded message, or artificial voice. Consent to receive such messages is not a condition to purchase any goods or services. You may opt out at any time by following the instructions in the messages you receive.  Receiving quotes and information through our website is free, and you are under no obligation to purchase any goods or services as a result of this request. You affirm that you are the subscriber of the provided telephone number or that the subscriber authorized you to provide the number. Message and data rates may apply. AFYI Holdings Group, LLC is committed to respecting your privacy and adhering to all applicable laws and regulations, including the Telephone Consumer Protection Act (TCPA).