Ohio

Fiduciary/Best Interest Development

  • The Ohio Department of Insurance has amended its Suitability in Annuity Transactions Rule (“Rule 3901-6-13”) to adopt the NAIC’s model suitability standard (discussed below).
  • The amended regulation took effect February 14, 2021, although individuals and entities subject to the rule will be allowed six months from its effective date (i.e., until August 14, 2021) to comply with the amended provisions.

Sources

Proposed Rule 3901-6-13