Annuity rule likely won't include a fiduciary standard, NAIC says
Jamie Patrick Hopkins
The National Association of Insurance Commissioners indicated it would not impose a fiduciary standard on insurers and insurance producers as part of its overhaul of annuity sales rules, according to draft language of the group's model regulation released Tuesday.
The NAIC, a body that helps set U.S. insurance standards, has been working to establish more stringent annuity rules in the wake of greater attention to stricter investment advice standards created by the Department of Labor's fiduciary rule, which went into effect last June but was struck down in court.
Iacurci, Greg, "Annuity rule likely won't include a fiduciary standard, NAIC says" (2018). In the News. 2801.