05.25.23

Florida Adopts Reg BI-Friendly Annuity Sales Rule Update

by: Allison Bell

Florida Gov. Ron DeSantis has signed state House Bill 1185, which includes the annuity sales rule model update developed by the National Association of Insurance Commissioners (NAIC). Florida became the 37th state to adopt the NAIC model update. California and New York are now the only states that rank among the top five in terms of population that have not adopted the model. The designers of the NAIC’s new suitability model update designed it to complement the U.S. Securities and Exchange Commission's Regulation Best Interest.

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