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NAIC Focuses On Annuity Sales Practices

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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.

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The committee meets quarterly, Shaul said.

Susan Voss, the Iowa commissioner, said her state put out a bulletin in September 2007 that talks about the senior designations advisors hold and efforts by the department to regulate senior free-lunch seminars.

Jim Mumford, first deputy commissioner with the Iowa department, talked about an annuity disclosure pilot program conducted in conjunction with the American Council of Life Insurers, Washington. Regulators will be asking holders of fixed and equity-indexed annuities what they think about the carriers’ annuity sales processes, Mumsford said.


CORRECTION: Due to an editing error, the affiliation of Jim Mumford was incorrectly identified in an earlier version of this article.