Proposed Revisions to Model Regulation #275
The Annuity and Suitability (A) Working Group of the NAIC Life
Insurance and Annuities (A) Committee held its most recent open
meeting on Sunday, December 3, 2017 during the NAIC 2017 Fall
National Meeting in Honolulu, Hawaii. The Working Group was charged
with reviewing the Suitability in Annuity Transactions Model
Regulation #275 ("Model #275") and, during the
meeting, introduced several proposed revisions. Model #275 was
adopted to "set standards and procedures for suitable annuity
recommendations, and to require insurers to establish a system to
supervise recommendations so that the insurance needs and financial
objectives of consumers are appropriately addressed." In
drafting the proposed revisions, the Working Group was mindful of
the need to have the revised Model #275 successfully passed in each
state "without adversely affecting the ability of consumers to
plan and have available to them the appropriate annuity
