State Affairs

An Advocate for the Industry in the States

Objectives

1. To provide a forum for developing an industry consensus on proposals and issues pending before National Association of Insurance Commissioners (NAIC), National Conference of Insurance Legislatures (NCOIL), state legislative bodies and state regulatory agencies.
2. To identify state specific barriers to product innovation and distribution that are not in the bests interests of consumers and to formulate action plans to eliminate these barriers.
3. To advocate before the Interstate Insurance Product Regulation Compact Commission (IIPRCC) for consumer centric product standards that provide consumers access to a wide array of product features and choice.
4. To identify market conduct examination practices or standards relating to the sales of annuities that are inconsistent with existing laws or reasonable industry practices and take steps to reverse those practices or standards.
5. To identify unnecessary, overly burdensome, and non-uniform agent licensing and continuing education/training requirements. 
6. To identify other initiatives that would be beneficial to the industry and consumers and to develop action plans to advance those initiatives.
7. To assist the IRI staff in conveying the Insured Retirement Institute's position to the appropriate governmental officials.

Current Working Groups

1. Suitability Working Group

Committee Initiatives

1. Advocating uniform implementation of the NAIC Suitability in Annuity Transactions Model Rule, the NAIC Senior Designations Model Regulation, and the NAIC Annuity Disclosure Model Regulation.
2. Working to assure the suitability in annuity transactions market conduct examination practices or standards are consistent with existing laws or reasonable industry practices.
3. Working to eliminate specific state imposed barriers to product innovation and distribution that are not in best interests of consumers.
4. Participating in NAIC's Life and Annuities Committee review of contingent annuities.
5. Working with the NAIC Producer Licensing Task Force to increase transparency and uniformity in the producer examinations, licensing, and ratings process.
6. Advocating for a more efficient and coordinated market conduct examination process.
7. Opposing any state law or regulation that would prevent product features resulting in lack of consumer access to beneficial product features, including but not limited to any efforts to opt out of the IIPRC standards permitting termination of GLB features upon sale or assignment of an annuity.
8. Working with the IIPRCC on group annuity product standards.

State Comment Letters and Testimony

1. IRI Comment Letter to the NAIC Disclosure Working Group Regarding Revised Disclosure Model with Illustration Requirements (September 2, 2010)
2. IRI Hearing Testimony to the NAIC Life Insurance & Annuities Committee on Stranger Originated/Owned Annuities (May 20, 2010)
3. IRI Comment Letter to the NAIC Life Insurance & Annuities Committee on STOA Model Bulletin (October 15, 2010)
4. IRI Follow-Up Comment Letter to the NAIC Life Insurance & Annuities Committee on STOA Model Bulletin (March 22, 2011)
5. IRI Comment Letter to Ohio Department of Insurance Regarding Agent Compliance with New Annuity Training CE Requirements (OAC Rule 3901-6-13) (April 1, 2011)

Committee Meetings

1. In person: At selected IRI conferences and as needed.
2. Conference calls: As needed.

Committee Minutes

Click here to view the latest committee minutes

Committee Participation

The committee has over 100 members, representing more than 35 companies and organizations.

How Do I Join?

You must be a member of the Insured Retirement Institute to participate. Complete this form to be added to this committee.

Committee Leadership

Chair: John Brown, Vice President, Government Relations, Jackson National Life Insurance Company

Insured Retirement Institute Liaison

Lee Covington, SVP, Government & Regulatory Affairs, and General Counsel
John Little, SVP, Federal Affairs
Karen Alvarado, Vice President, Regulatory Affairs and Compliance