Reminder: Delaware, Michigan, Ohio and Rhode Island Adopt New Best Interest Suitability Regulation

Delaware, Michigan, Ohio and Rhode Island have adopted the National Association of Insurance Commissioners (NAIC) revisions to the Suitability in Annuity Transactions Model Regulation (#275) as follows:*

• Rhode Island: Effective April 1, 2021
• Michigan: Effective June 29, 2021
• Delaware: Effective August 1, 2021
• Ohio: Compliance required August 14, 2021** 

* We will continue to update you as additional states adopt the new regulation and approve training courses. Pending states include: AL, ID, KY, MA, ME, NE, ND, NV, and VA.

** Ohio adopted the regulation with a February 14, 2021 effective date but revised it to provide for a six-month period from the effective date (August 14, 2021) to come into compliance.