{"id":7426,"date":"2009-09-24T12:33:42","date_gmt":"2009-09-24T17:33:42","guid":{"rendered":"http:\/\/www.annuityfyi.com\/blog\/?p=166"},"modified":"2023-02-15T05:45:01","modified_gmt":"2023-02-15T05:45:01","slug":"naic-annuity-oversight-plan-forges-ahead","status":"publish","type":"post","link":"https:\/\/www.annuityfyi.com\/blog\/2009\/09\/naic-annuity-oversight-plan-forges-ahead\/","title":{"rendered":"NAIC Annuity Oversight Plan Forges Ahead"},"content":{"rendered":"<p>The National Association of Insurance Commissioners is still working on a new model act to ensure the suitability of <a title=\"annuities\" href=\"https:\/\/www.annuityfyi.com\" target=\"_blank\" rel=\"noopener\">annuities<\/a> even though some people were questioning the need for such an act.&nbsp; This information comes from <em>insurancenewsnet<\/em>&#8216;s article &#8220;Plan for New Annuity Model Continues at NAIC.&#8221;&nbsp; The model currently being used is from 2006 and called Suitability in Annuity Transactions Model Regulation.&nbsp; According to Sean Dilweg, the Wisconsin Insurance Commissioner and chairman of the Suitability in Annuity Transactions Model Regulation, a new plan is necessary to keep up with recent changes in the marketplace and new regulations.<\/p>\n<p>Insurance companies would be held more accountable for ensuring the suitability of their annuity products whereas they currently can pass that responsibility off to either third parties or the broker-dealers.&nbsp; The new model is applied to all consumers, regardless of their age.&nbsp; <a title=\"fixed annuity rates\" href=\"https:\/\/www.annuityfyi.com\/fixed-annuities\/\" target=\"_blank\" rel=\"noopener\">Fixed annuity rates<\/a> and policies must be proven to be the best option for each individual customer as do the variable annuity policies.&nbsp; The new model is similar to practices already put in place by the federal government for broker-dealers and other advisers regarding variable annuities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Association of Insurance Commissioners is still working on a new model act to ensure the suitability of annuities even though some people were questioning the need for such an act.&nbsp; This information comes from insurancenewsnet&#8216;s article &#8220;Plan for New Annuity Model Continues at &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"NAIC Annuity Oversight Plan Forges Ahead\" class=\"read-more button\" href=\"https:\/\/www.annuityfyi.com\/blog\/2009\/09\/naic-annuity-oversight-plan-forges-ahead\/#more-7426\" aria-label=\"Read more about NAIC Annuity Oversight Plan Forges Ahead\">Read more<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34,88,26,436,418,12],"tags":[33,38,151,40],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts\/7426"}],"collection":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/comments?post=7426"}],"version-history":[{"count":1,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts\/7426\/revisions"}],"predecessor-version":[{"id":26204,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/posts\/7426\/revisions\/26204"}],"wp:attachment":[{"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/media?parent=7426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/categories?post=7426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.annuityfyi.com\/wp-json\/wp\/v2\/tags?post=7426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}