03.02.22

New Mexico Becomes 20th State to Adopt Best Interest Annuity Rule

by: Patrick Donachie

New Mexico has become the 20th state to pass a “best interest” rule concerning annuity sales and recommendations based on the National Association of Insurance Commissioners’ model rule originally finalized in 2020. American Council of Life Insurers President and CEO Susan Neely and National Association of Insurance and Financial Advisors’ Vice President of Advocacy Kenneth Bottari issued a statement in support of the rule. Neely and Bottari contrasted the best interest rules with fiduciary standards on sales and recommendations. “Unlike a fiduciary-only approach, these measures ensure that all savers, particularly financially vulnerable middle-income Americans, can access information about different choices for long-term security throughout retirement,” they said.

Read the full article on WealthManagement.com