Full text of legislative history behind the Life and Health Insurance Guaranty Association Model Act.
New York Life and Health Insurance Guaranty Association Model Act Legislative History
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US-AD02
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FAQ
If a state does choose to adopt the model law, it applies to all carriers, MGAs, agencies and producers operating in that state.
What are model laws? The NAIC model law development process helps provide uniformity while balancing the needs of insurers operating in multiple jurisdictions with the needs of consumers.
Model #275 sets forth standards and procedures for recommending annuity products to consumers to ensure their insurance and financial objectives are appropriately addressed.
This subsection applies to all recommendations and sales of annuities made by financial professionals in compliance with business rules, controls and procedures that satisfy a comparable standard even if such standard would not otherwise apply to the product or recommendation at issue.
Veteran insurance agents who previously qualified to sell annuities under their state's version of the NAIC annuity suitability regulation may take this 1-hour update course to qualify to sell annuities under the new NAIC best-interest standard.
The model allows the insurer to choose whether a policy form will be marketed with an illustration. For policy forms actively marketed prior to the effective date of the regulation, the insurer is required to identify the forms that will use an illustration in the sales process.
? As of this update, 34 jurisdictions have implemented the Suitability in Annuity Transactions Model Regulation (#275) revisions: AL, AK, AR, AZ, CO, CT, DE, DC, GA, HI, ID, IL, IA, KY, ME, MD, MA, MI, MN, MS, MT, NE, NM, NC, ND, OH, PA, RI, SD, TN, TX, VA, WV, and WI.
However, it should be clarified that the NAIC does not actually create laws. Whether the states choose to adopt model legislation or come to some sort of overall consensus is up to them. There's no obligation for the states to enact the NAIC model laws or guidelines.