06.15.22
North Carolina Passes Annuity Best Interest Rule
by: Patrick Donachie
North Carolina adopted a new rule governing annuity sales and recommendations in the state based on the National Association of Insurance Commissioners’ (NAIC) model rule, becoming the 26th state to do so. The rule is set to go into effect on Jan. 1, 2023. It is based on the NAIC’s 2020 model entitled “Suitability in Annuity Transactions Model Regulation,” a template for states to create their own regulation or legislation governing annuity sales that would align with Regulation Best Interest.
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