Live Tweeting: NAIC Wrestles With An Annuity Best Interest Standard

By Staff Reports InsuranceNewsNet

InsuranceNewsNet Editor John Hilton is in Kansas City covering a special National Association of Insurance Commissioners committee meeting to work out an annuity transactions model law. Committee members have been fighting over a best interest standard and the legislation's scope.

(To follow the unfolding story chronologically, start at the bottom.)

NAIC work group rejects Calif language to add to insurer supervision criteria whether an annuity cust is a "senior citizen." @InsNewsNet

— INNJohn (@INNJohnH) June 1, 2018

NAIC work group accepts Iowa lang on disclosure of recommendations, w/one change: any new rec will trigger a new disclosure. @InsNewsNet

— INNJohn (@INNJohnH) June 1, 2018

NAIC working gr debating the precise info to require of producers making an annuity recommendation. @InsNewsNet

— INNJohn (@INNJohnH) June 1, 2018

We pick up where we left off Thurs with Iowa winning a vote on routine NAIC annuity transaction lang. @InsNewsNet

— INNJohn (@INNJohnH) June 1, 2018

NAIC working group best interest debate focusing on compensation disclosure. Ohio commissioner suggests full dollar am be disclosed.

— INNJohn (@INNJohnH) May 31, 2018

NAIC members get ready for the afternoon session on its best interest model law. @InsNewsNet pic.twitter.com/pTZ0eg2gex

— INNJohn (@INNJohnH) May 31, 2018

Bruce Ferguson of ACLI: "harmony among regulatory platforms ... is something that is very important to our members." Supports language of "care, skill and diligence" in NAIC best int proposal. @InsNewsNet

— INNJohn (@INNJohnH) May 31, 2018

NAIC update: Tenn. joins defense of suitability, but Ohio comes in to fight for a best interest standard. Ohio Comm Michelle Rafeld: "That seems to be the final piece" to fight big fraud.

— INNJohn (@INNJohnH) May 31, 2018

Iowa Ins Commissioner Doug Ommen: "We will take a license away from a producer who doesn’t know what they're doing. And I don’t think you need a best interest standard to do that." @InsNewsNet

— INNJohn (@INNJohnH) May 31, 2018

NY Ins Commissioner Regalbuto argues for stronger language requiring agents to consider "all products available to the producer" in NAIC best int rule. Iowa Commish counters with SEC rule language. @InsNewsNet

— INNJohn (@INNJohnH) May 31, 2018

NAIC working gr Chair Dean Cameron tells NY commissioner that including life insurance in best interest rule will not gain broader support of the full NAIC.

— INNJohn (@INNJohnH) May 31, 2018

NY Insurance Commissioner James Regalbuto balks at the NAIC working gr decision to exclude life insurance. "The NAIC is not supposed to be a dictatorship."

— INNJohn (@INNJohnH) May 31, 2018

NAIC working gr Chair Dean Cameron tells NY commissioner that including life insurance in best interest rule will not gain broader support of the full NAIC.

— INNJohn (@INNJohnH) May 31, 2018

Birny Birnbaum of the Center for Economic Justices urges NAIC working gr to go back to the A committee and get permission to include life ins in its best int rule. @InsNewsNet

— INNJohn (@INNJohnH) May 31, 2018

NAIC has 2 imp goals with best interest rule, chair Dean Cameron tells the group: get "a seat at the table" and "be as uniform as possible."

— INNJohn (@INNJohnH) May 31, 2018

NAIC leadership rules out discussion of life insurance during todays best interest rule debate. @InsNewsNet

— INNJohn (@INNJohnH) May 31, 2018

NAIC Dean Cameron on best interest rule: "the work that we're going to be doing today and tomorrow is going to be some of the most important work the NAIC will do." @InsNewsNet

— INNJohn (@INNJohnH) May 31, 2018