Additional NAIC regulation Change for Florida Effective Immediately

As announced, the National Association of Insurance Commissioners (NAIC) approved revisions to its Suitability in Annuity Transactions Model Regulation for the state of Florida.  In addition to the requirement that all annuity recommendations by producers and insurers meet a “best interest” standard, there is a new form requirement.

Effective, 1/01/2024, we now require that the L7748_0121: Annuity Consumer Profile Suitability form be submitted for all Florida applications. This replaces the old Florida suitability form of L8281_1014.

We will continue to accept the old form until 2/14/2024. Starting 2/15/2024 and thereafter, we will require the new form be submitted with no exceptions.