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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.
Alabama: Effective 1/1/2022
Additional forms coming later this year.
Arizona: Effective 1/1/2021
Arkansas: Effective 7/8/2021
Colorado: Effective 11/1/2022
Connecticut: Effective 8/31/22
Delaware: Effective 8/1/2021
Idaho: Effective 7/1/2022
Iowa: Effective 1/1/2021
Kentucky: Effective 1/4/2022
Maine: Effective 1/1/2022
Maryland: Effective 10/8/2022
- Best Interest Consumer Refusal to Provide Information Form
- Best Interest Sales (Not Recommended) Form
- Best Interest Producer and Recommender Training Memo
- Best Interest Education Requirement
- Best Interest Disclosure Form
- Best Interest Bulletin – Annuity Training Requirements for Life Insurance Producers
Michigan: Effective 6/29/2021
Montana: Effective 10/1/2021
Additional forms coming later this year.
Nebraska: Effective 1/1/2022
Nevada: Effective 1/1/2022
Additional forms coming later this year.
New Mexico: Effective 10/1/2022
North Dakota: Effective 1/1/2022
Additional forms coming later this year.
Ohio: Effective 8/14/2021
Pennsylvania: Effective 6/20/2022
Rhode Island: Effective 4/1/2021
South Carolina: Effective 11/27/2022
South Dakota: Effective 1/1/2023
Texas: Effective 1/1/2022
Virginia: Effective 9/1/2021
Additional Producer Training Materials
DOL Fiduciary Rule Materials
* New York Regulation 187
* Does not follow NAIC Best Interest Model and pertains to life insurance and annuities.
