State regulators are moving ahead with efforts to strengthen the marketing rules that protect young annuity purchasers.
The Life Insurance and Annuities Committee, an arm of the National Association of Insurance Commissioners, Kansas City, Mo., has voted unanimously to expose an amended version of the Senior Protection in Annuity Transactions model regulation for public comment. The amended version replaces references to “seniors” with the word “consumers.”
The American Council of Life Insurers, Washington, says it will support the change.
The board of the National Association of Insurance and Financial Advisors, Falls Church, Va., voted to support expansion of suitability protections Feb. 21.