The National Association of Insurance Commissioners (NAIC) adopted revisions to the Suitability in Annuity Transactions Model Regulation.
The changes include general and product-specific training requirements for producers and the stipulation that the insurer is responsible for compliance with the model’s requirements, even if the insurer contracts with a third party. NAIC says the revisions will strengthen the existing model’s provisions to better protect consumers from inappropriate and abusive marketing practices.
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