The National Association of Insurance Commissioner recently gathered insurance commissioners, industry leaders, regulators and consumer representatives together for the NAIC Spring 2017 National Meeting in Denver.
Among the attendees at the NAIC meetings was my group, the Indexed Annuity Leadership Council. IALC is a group for insurance providers dedicated to the mission of providing retirement savings options, such as fixed indexed annuities, and to increasing awareness of and conversations about those options.
I was excited going into this weekend, because one of the NAIC’s main goals for the meeting was to start a discussion about making revisions to the NAIC’s Suitability in Annuity Transactions model.
Annuity users, producers and carriers are all interested in strengthening protections for the consumers who are buying financial products, including annuities. The conversations about the model revisions proved to be important conversations.