NAIC Annuity Sales Working Group Issues Discussion Drafts For Comment By June 8
May 22, 2009
The National Association of Insurance Commissioners (“NAIC”) Suitability of Annuity Sales Working Group issued discussion drafts on annuity insurance producer training and suitability information exceptions, and requests comment by Monday, June 8. The discussion drafts, which are attached, reference the following topics:
- Suitability training for agents in competency and product knowledge, as well as continued training;
- Duties of insurers and insurance producers to recommend suitable products; and
- NAIC Life Insurance Committee Guidance.
All comments received on the discussion drafts will be discussed during the Summer 2009 Working Group meeting to be held on Saturday, June 13, from 11:30 a.m. through 1:00 p.m. in Minneapolis. A PowerPoint presentation entitled “Annuities in the 21st Century: Changing Annuities Distribution Business Models” is attached for your review.
Please send any comments on the discussion drafts to Jolie Matthews (jmatthew@naic.org) by Monday, June 8.
Should you have any questions or comments, please contact Colodny Fass.
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