Regulatory Outlook | 03.24.21
Idaho Latest State to Finalize Best Interest Law for Annuities
Idaho became the latest state to finalize legislation adopting the National Association of Insurance Commissioners (NAIC) model law aligning the standards of conduct for annuity sales and recommendations with the U.S. SEC's Regulation Best Interest. Virginia also closed its public comment period for its rule on March 19. Other states finalizing similar rules include Ohio in February, Delaware in January, and Arizona and Iowa last year. Rhode Island's rule will take effect in April, while rules in Arkansas and Michigan go into effect in June. Idaho's new standard will go into effect July 1. Eight other states have proposed their own rules based on the NAIC's model.
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