IRI SUPPORTS DRAFT REGULATORY GUIDANCE FOR NAIC BEST INTEREST MODEL

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) supports revised regulatory guidance drafted for the National Association of Insurance Commissioners’ (NAIC) best interest model regulation. Forty-nine states have adopted the model.

IRI, the American Council of Life Insurers (ACLI), the Committee of Annuity Insurers, Finseca, Financial Services Institute (FSI), the Indexed Annuity Leadership Council, the National Association for Fixed Annuities (NAFA), and the National Association of Insurance and Financial Advisors (NAIFA) submitted joint comments to the NAIC Suitability Working Group, saying, “This updated version of the Draft Guidance appropriately reflects insurers’ supervisory obligations under the Suitability in Annuity Transactions Model Regulation.”

The industry associations also offered additional recommendations that they believe will ensure accuracy and clarity regarding insurers’ obligations, as well as suggestions intended to align with the best interest model language.

“NAIC’s best interest model regulation serves as a critical consumer protection across the nation,” said Sarah Wood, Director, State Policy and Regulatory Affairs at IRI. “We appreciate the Working Group’s efforts to update the NAIC regulatory guidance to assist state regulators’ understanding of the best interest model regulation and to help ensure consistent enforcement and compliance.”

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Contact: Dan Zielinski