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Life Health > Annuities

Regulators Prepare For Orlando

By Jim Connolly

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The National Association of Insurance Commissioners will be considering annuity purchaser protection standards, annuity replacement rules and equity-indexed annuities at its upcoming spring meeting.

The 4-day meeting is set to start March 4 in Orlando, Fla.

The American Council of Life Insurers, Washington, is supporting an effort by the NAIC, Kansas City, Mo., to expand the Senior Protection in Annuity Transactions model regulation to include all age groups.

The NAIC’s Life Insurance & Annuities Committee could approve the model expansion at the spring meeting, according to Jim Poolman, North Dakota insurance commissioner and chairman of the life and annuities committee.

Because insurers already have annuity suitability review systems in place, extending suitability review protections to all consumers should not be very costly, Poolman says.

The life and annuities committee also will discuss a proposal to revise the Life Insurance and Annuities Replacement model regulation. Advocates of the change want the model to exempt term conversions when an existing policy would be replaced by a policy issued by a member of the same corporate family as the original issuer.

The ACLI is supporting the proposed changes to the replacement model.

Birny Birnbaum, executive director of the Center for Economic Justice, Austin, Texas, has written a comment letter asking why consumers should have to do without replacement information simply because the new product will come from a corporate affiliate of the original issuer.

The life and annuities committee and the NAIC’s Market Regulation and Consumer Affairs Committee will hold a joint session on equity-indexed annuities.

The market regulation committee will be reviewing a new fingerprint model, to replace an earlier model that stalled.

Iowa Insurance Commissioner Susan Voss, chair of the market regulation committee, is not sharing details about the new fingerprint model draft, but she says the new model “will not look like the previous model.”

The market regulation committee also will talk about creating more uniformity among states in the producer licensing process and streamlining market conduct annual statements, Voss says.

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