The U.S. Treasury's Federal Insurance Office (FIO) long-awaited report on how to modernize the industry was finally released last week, all 70-some pages of it.
For those in the annuity industry, the pertinent section begins on page 51, although much of what it says will sound familiar. On that page and the next, the FIO recommends that all states enact the NAIC Suitability in Annuities Transaction Model Regulation. More that 20 states have adopted the model act, with the remaining states given until June of this year to do the same.
The FIO report states that if all states fail to adopt the NAIC model act and national uniformity is not achieved, "federal action may become necessary." However, it does not specify what that action would be and the report itself has sparked a fierce debate over which takes precedence in the insurance industry: state or federal control.
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