Arkansas

Fiduciary/Best Interest Development

• The Arkansas Insurance Department has amended its Suitability in Annuity Transactions Rule (“Rule 82”) to adopt the NAIC’s model suitability standard (discussed below).
• Although the amended Rule 82 took effect December 29, 2020, individuals and entities subject to the rule will be allowed six months from its effective date (i.e., until June 29, 2021) to comply with the amended provisions.

Sources

Amended Final Rule 82