The NAIC Provides Model Law FAQ

The National Association for Insurance Commissioners (NAIC) released a Frequently asked Questions (FAQ) document following the adoption of an updated version of its Suitability in Annuity Transactions Model Regulation (“Model”). The NAIC developed this document to help answer questions likely to arise as states adopt the revised Model. It includes questions about subjects that a producer must understand, such as the four obligations of the best interest obligation and producer training requirements. The FAQ will also help states provide uniform implementation and enforcement of the Model.

Please note that the state in which you are licensed may provide its own guidance or interpretation of your obligations as a producer. When state adoption and interpretation of the Model varies, state law and specific guidance will override.