A panel at the National Association of Insurance Commissioners is talking about starting an annuity sales supervision working group.
Sean Dilweg, Wisconsin insurance commissioner and the new co-chair of the Life Insurance and Annuities Committee at the NAIC, Kansas City, Mo., made that suggestion after regulators’ talked about their states’ retirement products consumer-protection initiatives here at the NAIC’s spring meeting.
States that offered to participate in a new working group included Alabama, Florida, Iowa, Missouri and Texas.
Kimberly Shaul, deputy commissioner in Wisconsin, talked about Wisconsin’s annuity sales and supervision advisory committee.
The committee, formed in August 2007, evaluates industry standards for supervising marketing practices and recommends changes in the Wisconsin department’s supervisory standards.