The National Association of Securities Dealers has joined with 3 state insurance commissioners to sign a statement supporting a new annuity sales suitability rule.
The suitability rule would apply to both insurance companies and agencies, and it would require insurance companies and agencies to recommend only suitable annuity products to their customers.
The state insurance commissioners signing the statement are Susan Voss of Iowa, Jim Poolman of North Dakota and Glenn Wilson of Minnesota. The statement also was signed by NASD Chairman Mary Schapiro.
The release of the statement follows an annuity roundtable sponsored by the Minnesota Department of Commerce and the NASD, Washington.