Best Interest Regulations

In February 2020, the National Association of Insurance Commissioners (NAIC) approved its Suitability in Annuity Transactions Model Regulation (#275) (the “Best Interest Regulation”). The Best Interest Regulation requires that all annuity recommendations by producers and insurers meet a new “best interest” standard. The Best Interest Regulations also require the use of new forms that are required to be submitted with all annuity applications and require all producers to complete additional best interest training. Information regarding the changes can be found by clicking on the state’s name in the list below.

To date, the following states have enacted (or have pending) Best Interest Regulations. Clicking on the state name will bring you to the required forms, a copy of the applicable Best Interest Regulation for the state, as well as training materials.