NU Online News Service, Sept. 5, 2003, 7:13 p.m. EDT – State insurance regulators are weighing complaints from the American Council of Life Insurers, Washington, about a proposed model regulation that would establish suitability standards for the sale of annuities to senior citizens.
Members of the executive committee of the National Association of Insurance Commissioners, Kansas City, Mo., discussed a draft of the Senior Protection in Annuity Transactions model during a conference call.
The model was adopted by the Life & Annuities “A” committee at the NAIC summer meeting in June.
Regulators talked about how they should respond to a request for changes by the ACLI. Regulators considered the possibility of adopting technical changes, making substantive changes or returning the model to the “A” committee for more work.