The initiative to create a model regulation governing the sale of fixed and variable annuities to seniors will come to life after the fall meeting in Chicago of the
The Life and Annuities Committee plans on conducting a final conference call in two weeks to shore up language in the model regulation and give the committee time to vote to accept it before the September meeting, said Merwin Stewart, committee chair and commission of the
"For the most part, we are in agreement with proposed changes," Stewart said. "We are very close to getting this thing wrapped up."
Stewart stressed that the commissioners "dont want to over-regulate" the sale of annuities and have been trying to work efficiently with the industry to produce "effective regulation."
Progress on the draft stalled after two rocky conference calls prior to the New York meeting, but negotiation and compromise appear to have reached a final stage. Representatives from the
"The ACLI membership continues to believe that Wisconsin moves from [creating an incentive for] good behavior to sales supervision," Lanam said.
Ron Panneton of the
"I dont get it. You dont think this [protects the consumer]?" said Jim Poolman, committee member and commissioner of
When Panneton continued to argue his case, Poolman said, "I think were there. This discussion could be futile when I think what could happen here is there is a potential conflict in the works."