Regulators Outline Their Notion Of Suitability
The following are some details of the draft of the Senior Protection in Annuity Transaction model act and regulation developed by the National Association of Insurance Commissioners.
Annuities include fixed and variable contracts that are individually solicited whether as an individual or a group annuity.
The scope of the model focuses on “any and all recommendations” by an insurer or an insurance producer involving a consumer aged 65 or older on the “sale, surrender or other disposition of an annuity.”