07.14.23
States Resist Fiduciary Annuity Standard With Best-Interest Laws
by: Austin R. Ramsey
California is on track to become the latest state to adopt a standard for annuity sales that’s weaker than federal fiduciary obligations for 401(k) rollovers. Together with New York, California had stood out by insisting on a tougher fiduciary code of conduct for carriers and agents. But legislators bowed to industry opposition to the fiduciary standard last month, putting California on track to become the 40th state to instead adopt the National Association of Insurance Commissioners’ best-interest model.
Read the full article on Bloomberg Law