Members of the Life Insurance and Annuities Committee of the National Association of Insurance Commissioners (NAIC) unanimously voted to develop a model law that will address the annuity suitability issue more consistently across the country. The NAIC offers two annuity suitability models that require insurers and insurance producers to consider the insurance objectives and needs of consumers and to recommend products that will assist in meeting those needs.
Insurance Regulators to Streamline Annuity Suitability Model Laws
Source: Insurance News Net