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In February 2020, the NAIC approved revisions to its long-standing Suitability in Annuity Transaction Model Regulation (“Model Regulation”). The revised regulation aligns with the SEC’s Regulation Best Interest (“Reg BI”) and requires insurance producers and carriers to act in the best interest of the consumer without putting their financial interests ahead of the consumer’s when recommending an annuity product.
The National Association of Insurance Commissioners (NAIC) developed this FAQ document as a way to address those questions that are likely to arise regarding Model #275. No provision of this FAQ document is intended to supersede the specific language of Model #275. It is not intended to expand the content of the model regulation, but is designed to provide interpretive guidance regarding certain aspects of its provisions.
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