ACLI Supports Uniform Best Interest Standard of Care
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"The reason behind ACLI's advocacy for this position is clear. As retirement savers address their financial and retirement security needs, they should have continued access to a wide variety of retirement products. They should have retirement savings information and related financial guidance from financial professionals acting in their best interest, regardless of the retirement products they purchase or whom they turn to for advice.
"Life insurers provide these tools on a daily basis. Life insurers create and market products and services that fulfill consumers' retirement, tax and savings needs.
"These activities should be regulated by strong. carefully-crafted and uniformly applied standards that serve the best interests of consumers and financial professionals alike. Such standards should avoid conflicting or duplicative regulation and preclude harmful regulatory arbitrage.
"The
"Meanwhile, numerous regulatory initiatives addressing issues parallel to the
"Rulemaking implementing Nevada SB 383 which modified Chapters 90 and 628A of the Nevada Revised Statutes should focus on uniform best interest standards where adequate consumer protections do not currently exist.
"With jurisdiction broader than most regulators, state insurance regulators are best positioned to exercise leadership toward a uniform best interest standard across all state and federal regulatory platforms.
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