It's fitting on the first day of National Annuity Awareness Month for us to recognize the great work done by NAIFA leaders, members, and lobbyists in 37 states that have implemented the National Association of Insurance Commissioners (NAIC) model for annuity transactions. NAIFA chapters, along with our partners at ACLI, have worked with lawmakers and regulators in the states to get the measures passed.
The NAIC model requires financial professionals to work in the best interests of annuity customers, enhancing consumer protections and protecting the reputation of the industry. Requirements of the model are in accord with the SEC's Regulation Best Interest and do not include policy proposals that would significantly hinder the ability of agents and advisors to serve Main Street clients. The NAIC model strikes a good balance and NAIFA and ACLI support its adoption in every state.
To see which states have adopted the model and which have proposals pending, visit our State Advocacy Standard of Care resource page.