American Council of Life Insurers: Delaware Proposal Seeks To Enhance Protections for Annuity Consumers

WASHINGTON, Dec. 3 -- The American Council of Life Insurers issued the following joint statement on Dec. 2:

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American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA)-Delaware Government Relations Committee Chair Joshua Shaver issued the following joint statement on the best interest annuity rule proposed today by the Delaware Department of Insurance.

"Today's proposal by Commissioner Trinidad Navarro would give retirement savers peace of mind that the information they receive from financial professionals about an annuity is in their best interest. It safeguards access and continues a national trend toward enhanced, nationwide protections for consumers who are looking for guaranteed lifetime income in retirement.

"Iowa, Arizona and Rhode Island have adopted similar measures that closely track the 'best interest of consumer enhancements' in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. As in the other states, Delaware's proposed rule also would align with the SEC's Regulation Best Interest to create a harmonized network of state and federal protections that preserve access to information and services lower- and middle-income savers want and need.

"ACLI and NAIFA-Delaware applaud Commissioner Navarro for his efforts to protect retirement savers. We look forward to the rule's adoption and hope other states will take similar action."