Massachusetts Proposes Amendments to Its Annuity Suitability Regulation

Massachusetts has proposed amendments to its Consumer Protection in Annuity Transactions Regulation with the intent of improving consumers’ understanding of annuity products for which recommendations have been made. The newly revised Massachusetts regulation conforms it to the 2010 revisions made by the National Association of Insurance Commissioners (NAIC) to the Suitability in Annuity Transactions Model Regulation. The 2010 revision of this model regulation addressed several issues, including producer training and insurer responsibility for ensuring the suitability of annuity purchases, regardless
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NAIC Launches “Protecting the Future” to Highlight the Benefits of State-based Insurance Regulation and Issues RFP for Outside Consultant

On July 16, 2014, the National Association of Insurance Commissioners (NAIC) announced it was launching an educational initiative called “Protecting the Future” to educate the public and other insurance supervisory bodies on the benefits of the U.S. state-based system of insurance regulation.  This program is being “deployed in Washington, D.C.; Brussels, the capital of the European Union; and in Basel, Switzerland, the seat of the Financial Stability Board (FSB) for the G-20.” The announcement notes that “[o]f the 50 largest
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