News | 05.13.20
Iowa Adopts Best-Interest Standard for Annuity Sales
The Iowa Insurance Division on Monday adopted a best-interest standard requiring financial professionals to act in the best interest of clients when selling annuities. It plans to repropose its rule for securities later this summer. The rule is based on the model regulation approved by the National Association of Insurance Commissioners earlier this year that is harmonized with the SEC's Regulation Best Interest. During the comment period, Iowa Insurance Commissioner Doug Ommen, who is also the state's securities regulator, said that several comments requested that due to COVID-19, the division delay the proposed best-interest standard in securities regulation. “We have decided that is the appropriate course,” he said.
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