If you write annuity business in one of these states (or even if you don’t), read this!
The NAIC disclosure requirements were put in force in Arizona and Iowa on December 31, 2020 and January 1, 2021, respectively. Now, four more states are in the process of implementing best interest rules.
Although the requirements are not as complex as the proposed DOL Fiduciary Rule, there are still some very important changes to client/prospect disclosure and record keeping for recommendations.
Fortunately, Simplicity Group has already prepared for this change. We created a handy Revised NAIC Model Regulation Adoption disclosure guide. By using this guide, it will assist your practice with acting in compliance within the NAIC Best Interest Guidelines.
Unsure what the current training and NAIC disclosure requirements are for your state? Be sure to check out the latest NAIC Model Regulation Grid, presented by American National.
BONUS WHITE PAPER! Are you struggling to understand the new best practices for documenting and making best interest recommendations for your clients when it comes to annuities? NAFA’s latest whitepaper A CHANGING REGULATORY LANDSCAPE FOR ANNUITY TRANSACTIONS will answer your questions and set you on the right path.
Questions? Call our annuity team at 800-747-5612!
FOR PRODUCER USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.
These resources are being provided as a service to you. Please note that the information and opinions included are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Simplicity Des Moines. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Financial Professionals should ensure they continue to follow the current policies on the use of any advertising, third-party materials and/or social media as required by your broker/dealer and/or the carriers that you represent.
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