State insurance regulators are still moving ahead with efforts to develop an annuity sales standard document of their own.
Members of the Annuity Suitability Working Group, part of the National Association of Insurance Commissioners, are set to meet Nov. 15, at the NAIC’s national fall meeting in San Francisco.
Working group members hope to reach a consensus on a model regulation draft that could set a new standard for annuity sales.
Members of the working group heard comments on the project from representatives for consumers and the annuity industry at an NAIC-hosted meeting in October, in Chicago.
The draft was last updated Oct. 23.
Dean Cameron, director of the Idaho Department of Insurance and chairman of the working group, commented on LinkedIn, in a post soon after the Chicago meeting, that, no matter how much progress has been made, there are always those “who want more.”
Regulators at the U.S. Department of Labor and the U.S. Securities and Exchange Commission have been trying to define what it means for sellers of annuities to act in the best interest of consumers.
The NAIC working group’s goal is not quite the same. The working group is trying to create standards and procedures for the process of selling annuity products, so that consumers’ “insurance needs and financial objectives” at the time of the sale are appropriately addressed.