04.14.21
Nebraska Governor Signs Annuity Suitability Update Bill
by: Allison Bell
Nebraska Gov. Pete Ricketts signed an annuity suitability update bill into law on April 7. The bill, Legislative Bill 22, based on the National Association of Insurance Commissioners’ (NAIC) annuity suitability model update. The update took effect when Ricketts signed the bill. One section of the new law requires life insurance agents and brokers to get suitability update training. Producers have until six months after July 1 to get the required training. The NAIC’s suitability update is supposed to fit with the SEC's Best Interest. The update requires an annuity seller to act in the best interest of a consumer considering an annuity.
Read the full article on Think Advisor.