The NAIC recently proposed the adoption of a revised Annuity Suitability Model Law. Separately, the U.S. Securities and Exchange Commission (SEC) released a proposed rule package in May 2018, which included Regulation Best Interest (Reg BI). The SEC finalized Reg BI in June 2019. The final Reg BI establishes a best interest standard of conduct for broker-dealers beyond the existing suitability obligation that applies to federally registered variable annuities.
State Implementation
Effective 1/1/2023: HI, MN, NC, SD
Stay ahead of the competition and stay up to date on all changes in law related to the financial world of life insurance and annuities!