Reminder: Annuity Suitability Updates 01/01/2024 – TN, WA, FL & KS

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The National Association of Insurance Commissioners (NAIC) has recently proposed the adoption of a revised Annuity Suitability Model Law. In addition, the U.S. Securities and Exchange Commission (SEC) released a proposed rule package in May 2018, which includes Regulation Best Interest (Reg BI). The Reg BI was finalized by the SEC in June 2019, establishing a best interest standard of conduct for broker-dealers that goes beyond the existing suitability obligation for federally registered variable annuities.

Here is the current list of states that are adopting the revised model on 01/01/2024:

  • Tennessee (TN)
  • Washington (WA)
  • Florida (FL)
  • Kansas (KS) 
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