COVID-19 RESPONSE AND GALLERY OF RESOURCE MATERIALS

Protecting the Future of Fixed Annuities

A Timeline of NAIC’s Best Interest Standard

Dec. 30, 2019

The NAIC Life Insurance and Annuities (A) Committee approves in a 10 – 1 vote the changes to the model regulation as proposed by the working group.

Feb. 13, 2020

A joint meeting of the NAIC Executive Committee and Plenary approves and adopts the amended Suitability model regulation.

May 11, 2020

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.

Learn more about NAFA’s advocacy efforts »

Furthering Education

Recommended Resource

NAFA’s newest educational series seeks to break down specific features and benefits of fixed indexed annuities in a way that anyone can understand. Our fourth installment dives into how annuities are uniquely positioned to address three critical risks consumers face in the distribution phase of retirement.

Download the paper