NAIC Suitability of Annuity Sales Working Group Issues Discussion Draft For Comment By August 7
Jul 2, 2009
The National Association of Insurance Commissioners (“NAIC”) Suitability of Annuity Sales Working Group issued an updated discussion draft on proposed revisions to the Suitability in Annuity Transactions Model Regulation (Model #275). The draft reflects changes to the May 26, 2009 version suggested during the Working Group’s meetings at the NAIC 2009 Summer National Meeting. To view the Working Group’s 2009 Summer National Meeting summary, click here.
Model 275 establishes standards and procedures for recommendations on annuity product transactions made to consumers that “appropriately address” the purchaser’s insurance and financial objectives. The Model would apply to any recommendation for the purchase or exchange of an annuity made to a consumer by an insurance producer, or by an insurer where no producer is involved.
The updated Model 275 draft is attached for your review. Please send any comments to Jolie Matthews (jmatthew@naic.org) by Friday, August 7.
Should you have any questions or comments, please contact Colodny Fass.
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