WASHINGTON – A model regulation on the sale of fixed and variable annuities to seniors has hit turbulent airspace a week from the New York meeting of the National Association of Insurance Commissioners.

The NAIC’s life & annuity committee drafted the current suitability regulation this year, following a fixed annuity suitability model law and regulation that floundered last year. It was stymied by opposition from industry, producer and consumer groups alike. The new effort took the industry by surprise, but North Dakota Insurance Commissioner Jim Poolman voiced frustration at the industry’s resistance and urged carriers to find consensus.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.