Iowa Insurance Division adopts final ‘Best Interest’ rule for annuity sales
Iowa becomes first state to formally adopt the NAIC’s updated model, which requires annuity agents to act in the best interest of clients.
Annuities
Fixed annuity sales fall in Q1, but variable annuity sales rise
Secure Retirement Institute report also finds registered index-linked annuities break quarterly sales record, topping $5 billion.
IRI offers 5-point plan to help retirement savers recover from COVID-19
Insured Retirement Institute proposes plan to assist retirement savers who have lost jobs, access to participate in a workplace retirement plan and experienced losses in their retirement account values due the COVID-19 virus pandemic.
New Yorkers affected by COVID-19 may defer paying life insurance premiums for 90 days
Hardest-hit state also sets special health insurance enrollment period April 1-15 through New York State’s Health Plan Marketplace.
Congress finalizes $2 trillion coronavirus relief bill including retirement plan aid
Legislation allows limited, early withdrawals from retirement accounts, deferred RMD in 2020.
SEC adopts investor disclosure improvements for variable annuities and variable life contracts
IRI calls amendments to streamline and simplify critical disclosures for investors in variable annuity and life insurance products a “major leap forward.”
2019 annuity sales reach highest level since 2008
Fixed indexed annuity sales break all-time record thanks to strong performance in the first half of the year, according to Secure Retirement Institute data.
NAIC updates annuity sales best interest model regulation
State regulators revise model to require producers act in customer’s best interest when recommending annuity products.
Gen X, Millennials likely to support aging parents… but aren’t planning for it
New research from AgeUp reveals a majority of Millennials and Gen Xers expect to financially support their parents in their old age, but few are ... Read more
NAIC committee approves revised suitability in annuity transactions model regulation
Proposed suitability model revision would provide enhanced consumer protections requiring those selling annuities to act in the best interest of the consumer, and to disclose potential conflicts of interest.
