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January 26, 2006 at 07:59 PM
Members of the American Council of Life Insurers have been responding positively to the ACLI board’s decision to support broader annuity sales suitability protection.
Frank Keating, president of the ACLI, Washington, gave that assessment in an interview following the announcement of the board’s decision.
The National Association of Insurance Commissioners, Kansas City, Mo., has adopted a model regulation that sets standards for determining whether a particular annuity is suitable for a consumer age 65 or older.
In recent weeks, NAIC officials have talked about expanding the model to consumers of all ages.
The ACLI’s partnership with the NAIC on the suitability issue is important because building consumer trust in the sales process is important, Keating says.
If insurers are going to succeed at persuading Americans to save more, “there must be more interest in service,” Keating says.
Will the ACLI effort to build trust include scrutiny of equity-indexed annuities?
“To the extent that they need to be looked at,” Keating says.
