NAIFA Backs Ohio’s Suitability in Annuity Transactions Proposal Albeit Minor Edits

Uncategorized  |  June 29, 2020

By Julie Harrison, Jun 23, 2020 5:41:30 PM

Ohio’s Department of Insurance recently proposed updates to its “3901-6-13 Suitability Annuity Transactions” rule.  The state’s Director of Insurance, Jillian Froment, chaired the National Association of Insurance Commissioner’s Annuity Suitability Working Group while the working group crafted revisions to the NAIC’s “Suitability In Annuity Transactions Model Regulation (#275).”  As expected, the Ohio proposal is similar to the model. It establishes a new standard of conduct that goes beyond the rule’s current suitability standard, but it is not a fiduciary standard.

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