The Iowa Insurance Division has proposed a “best interest” standard for the sale of annuities in that state. The press release for the proposal indicates that it “follows efforts by the National Association of Insurance Commissioners (NAIC) to develop a model Suitability in Annuity Transactions Model Regulation” and stated that the proposal is designed to be “harmonized“ with the SEC’s Regulation Best Interest. The comment period expires on April 28, 2020, though it seems this could be extended in light of the coronavirus crisis.
As a result of the COVID-19 pandemic, New Jersey has extended the deadline for action on its proposed fiduciary standard for securities transactions, which was set to expire on April 14, 2020. The new deadline is flexible, now extended to “90 days following the end of the [current] public health emergency.”
The chart is available here.
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