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ARTICLE · 07 JUNE 2018

Several Teams Compete To Reach NAIC Suitability Model Finals

Carlton Fields
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On May 31 and June 1, several teams competed over proposed revisions to the Suitability in Annuity Transactions Model Regulation (#275) (Suitability Model) ...

United StatesInsurance
Ann Young Black
Ann Young Black
Jamie Bigayer
Jamie Bigayer
Adriana A. Perez
Adriana A. Perez

On May 31 and June 1, several teams competed over proposed revisions to the Suitability in Annuity Transactions Model Regulation (#275) (Suitability Model) at the in-person meeting of the National Association of Insurance Commissioners' (NAIC) Annuity Suitability Working Group (Suitability WG). The industry called foul on several issues, including:

  • whether the Suitability Model will incorporate the best interest standard of care;
  • whether the Suitability Model will include a safe harbor for compliance with other standards of conduct regimes;
  • how cash and non-cash compensation should be disclosed;
  • what responsibility insurers will have to supervise third-party producers; and

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