To date, 27 states have adopted rules that follow the Suitability in Annuity Transactions Model Regulation issued by the National Association of Insurance Commissioners (NAIC). Recent additions reflected in the following State Fiduciary and Best Interest Development chart include: Hawaii, Maryland, Minnesota, North Carolina, South Carolina, South Dakota and Wisconsin. Also, the chart reflects the Robinhood Financial v. Galvin decision by a Massachusetts Superior Court Judge declaring the Massachusetts fiduciary duty rule unlawful as well as a proposed rule issued by the Nevada Commissioner of Insurance imposing new requirements for training producers in connection with the recommendation of annuities.
To view the updates, visit the Resource page.
Download the chart of all the states.