
UPDATE: States Adopting NAIC Suitability in Annuity Transactions Model
A few years ago, AIP Marketing Alliance shared a blog article about states adopting the NAIC Suitability in Annuity Transactions Model Reg. 275. This article discussed how the NAIC updated its suitability model to include a Best Interest standard that applies to any sale or recommendation of an annuity. Producers now have a care, conflict of interest, disclosure, and documentation obligation that will apply to all annuity carriers with which they do business.
States adopting the updated model will have new state-required NAIC training for the sale or recommendation of any annuity as well as different forms required related to the new business process for the sale or recommendation of a fixed index annuity (FIA).
The blog article also reviewed how state-required NAIC training courses are required to comply with the regulation and a new Consumer Profile Form will be used in place of the existing suitability form in states that are adopting the new rule. The Consumer Profile Form will be made available on the day that the state launches the new regulation. States that have not approved the new regulation will still use the existing suitability form.
Since that article was published, and as of March 1, 2023, more than 30 states have adopted the Best Interest regulations and their effective dates. Tennessee is the latest state to adopt these regulations.
- Alabama
- Alaska
- Arizona
- Arkansas
- Colorado
- Connecticut
- Delaware
- Georgia
- Hawaii
- Idaho
- Illinois
- Iowa
- Kentucky
- Maryland
- Maine
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Montana
- Nebraska
- New Mexico
- North Carolina
- North Dakota
- Ohio
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Virginia
- Wisconsin
If you have any questions, please visit the original blog post for more information and links.
Latest Posts



Categories
Tags
Equitrust Aig Protective Working From Home Corebridge Financial Carriers Global Atlantic Myga Fixed Annuity North American Annuity Taxes Nafa Bestow Aipma Genworth Iul Mental Health Long_Term_Care Fixed Indexed Annuity Lincoln Financial Group Permanent Life Insurance Indexed Universal Life Secure Act Integrity Web Meetings Myaip Regional Director Drop Ticket Open Enrollment Leads Senior Health Shop Tax Season Charity American Equity Nationwide Term Life Insurance Retirement Planning Securian Financial Final Expense Fidelity Guaranty Life Tickit Transamerica Ethos Covid19 Limra Medicare_Supplements Legal And General Webinars Social Media Life_Insurance Insurance Fraud Coronavirus Covid 19 Ira Foresters Financial Job Posting Wink Women Integrity Marketing Group Regulations Financial Planning Roth Ira Holiday Disability_Insurance Culture TipsContact Us
800.783.5206
2041 E. Square Lake Road, Suite 100, Troy, Michigan 48085-3897
About Us
For more than 40 years, AIP Marketing Alliance (AIPMA) serves as a premier life insurance and annuity distribution partner to provide full-service support to independent wholesalers, brokerages and agents from our Troy, Michigan office. Copyright 2023