2023 1101 - NAIC to DOL - State Insurance Regulators Work to Protect Consumers Who Buy Annuities; NAIC Releases Statement on DOL Fiduciary Rule Proposal - [link]
“We fundamentally disagree with the White House’s characterization of state consumer protections for annuity products. The White House press statement that oversight of these products ‘varies state by state’ and provides ‘inadequate protections and misaligned incentives’ suggests either ignorance of, or willful disregard for, the hard work of the 40 states and counting that have worked diligently to enhance protections for consumers by adopting the NAIC’s Suitability in Annuity Transactions Model Regulation.”
2024 0423 - NAIC to DOL - NAIC Releases Statement on the Final DOL Fiduciary Rule - [link]
“We continue to have significant concerns about the potential impact of the Department of Labor’s (DOL) final fiduciary rule on access and choice for American retirees to certain life insurance and annuity products. These products have been recognized by multiple Administrations of both political parties as an important option for retirees to manage their risk of outliving their savings. The final rule, which was rushed through the administrative process at DOL and the Office of Management and Budget with virtually no coordination with state insurance regulators, also discounts the work of 45 states and counting to enhance consumer protections for these products by adopting the NAIC’s Suitability in Annuity Transactions Model Regulation, which extends a level playing field to products sold within and outside a retirement plan."