The National Association of Insurance Commissioners (NAIC) has proposed amendments to the regulatory framework that governs annuity sales.
The NAIC Suitability in Annuity Transactions Model Regulation is the existing framework.
The NAIC is proposing more stringent suitability guidelines for the sale of all types of annuities--including fixed annuities.
The amendments would place insurance agents who sell fixed annuities under the same suitability guidelines that apply to financial advisors who sell variable annuities.
Source: Investment News
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