NAFA engages in NAIC’s efforts 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 on the table, NAFA has been heavily involved over the past nearly three years in the NAIC’s efforts to modify the Suitability in Annuity Transactions Model Regulation (#275). NAFA supports enhancing the required standard of conduct for annuity transactions to provide greater consumer protection, without harming consumers’ access to the fixed annuity products and professionals that will help them secure guaranteed retirement income. From drafting numerous comment letters on the proposed revisions to the current model to providing critical feedback and direction to regulators on behalf of NAFA members through our participation in the NAIC’s Annuity Suitability (A) Working Group, NAFA is providing annuity leadership as it seeks to protect both consumers and the future of independent distribution. To understand what this means for your business, please see NAFA’s comparison of the current model regulation to the amended version adopted by the NAIC on Thursday, February 13, 2020, available HERE.
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