Bates News, Bates Research | 10-18-18
New York DFS Asserts Itself in National Annuities Standards Debate
In a few weeks, a working group of the National Association of Insurance Commissioners (NAIC) will meet again in a continuing effort to complete a revision to the organization’s Suitability in Annuity Transactions Model Regulation. The goal of the working group remains a revision of the standards and procedures for providing appropriate recommendations to consumers “that result in transactions involving annuity products.” The group's progress took a detour in July when the New York Department of Financial Services (NYDFS) issued a final regulation establishing its own “best interest” standard of care for recommendations of both annuity products and life insurance products.
Bates Research takes a look at some of the issues as they are playing out with respect to the very real New York requirements on the horizon, and the NAIC’s efforts to revise the standards on annuity products.