State governments may respond to uncertainty about the U.S. Department of Laborfiduciary rule by updating their own annuity salesstandards.
A new Annuity Suitability Working Group is deciding whether theNational Association of Insurance Commissioners should update theNAIC's Suitability in Annuity Transactions ModelRegulation (Model Number 275). The NAIC gave the model itslast major update in 2010.
The working group is also supposed to come up with ideas forpersuading more states to adopt the 2010 version of the model.
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Allison Bell
Allison Bell, a senior reporter at ThinkAdvisor and BenefitsPRO, previously was an associate editor at National Underwriter Life & Health. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached through X at @Think_Allison.
