NAIC Continues Revisions to the Suitability in Annuity Transactions Model Regulation.

The Annuity Suitability (A) Working Group met recently at the NAIC’s Fall National Meeting in San Francisco to continue deliberations with respect to possible modifications to the NAIC Suitability in Annuity Transactions Model Regulation.

Though the Working Group had identified a goal of attempting to complete revisions prior to the end of calendar year 2018, Working Group Chair, Idaho Director Dean Cameron, acknowledged that the Working Group will not be able to complete all revisions to the Model Regulation by the end of the year.  Therefore, it is likely that the Working Group’s efforts will continue in 2019.

The Working Group hopes to develop a “working draft” of the revisions to the Model Regulation that have taken place thus far so it can be shared with the SEC to inform their analysis of development of a final Regulation Best Interest rule.

(The SEC is targeting completion of a final Regulation Best Interest Rule by September 2019.)

CEFLI will continue to monitor the Working Group’s activities and will report additional findings as soon as they become available.