The Iowa Insurance Division becomes the first to file an “adopted regulation” to require annuity agents to act in the best interest of their customers.
NAFA encourages states to evolve annuity suitability
In addition to the work being done at the federal level in response to and in support of various retirement reform measures, NAFA was heavily involved in the NAIC’s efforts to modify the Suitability in Annuity Transactions Model Regulation (#275) for the past three years. In support of enhancing consumer protection — without harming consumers’ access to the fixed annuity products and professionals that will help them secure guaranteed retirement income — NAFA is now working to encourage uniform adoption of the amended version of the regulation adopted by the NAIC on Thursday, February 13, 2020.
NAFA’s newest educational series seeks to break down specific features and benefits of these annuities in a way that anyone — regulator, legislator, journalist, agent or consumer — can understand. For our latest installment, we illustrate how a fixed index annuity differs from a registered index-linked annuity and examine the risk and reward offered by each product.