The National Association of Insurance Commissioners launched a retirement security initiative focused on education, consumer protection and product innovation.
NAIC President and Missouri Insurance Director John M. Huff announced the initiative during opening remarks at the association’s spring national meeting in New Orleans.
“Baby boomers are retiring at a rate of 10,000 per day, and the blessing of increased longevity means older Americans will be spending increasingly longer amounts of time without a paycheck,” said Huff. “Too many Americans have no money — as in zero — saved for retirement. Among baby boomers alone, four out of 10 have no retirement savings. The economic, political and public policy challenge this reality creates is enormous.”
NAIC is planning a consumer education campaign that encourages consumers of all ages to adequately plan for their retirement years, said Huff. Additional campaigns will focus on educating seniors about the risk of elder abuse and exploitation.
“Additionally, we plan to review our continuing education requirements for insurance producers to emphasize suitability requirements, as well as prohibitions on unfair marketing practices — especially those targeting senior citizens,” said Huff.
NAIC also will work to review current laws and regulations and consider new models for suitability and disclosure to protect against unlawful practices that target the elderly.
Finally, the association said it will work to identify areas where current laws stifle innovation, such as antiquated laws that don’t recognize the use of electronic signatures.