Iowa and Arizona Adopt Best-Interest Standard for Annuity Sales Effective January 1, 2021

By: Maureen Henderson | 07.24.2020

  Iowa (Iowa Code section 507B.4A) and Arizona (Arizona Code SB 1557) passed the revised Suitability in Annuity Transactions Model Regulation effective January 1, 2021.   The National Association of Insurance Commissioners, (“NAIC”) successfully modeled the SEC Regulation BI (Section 240.151-1, eff. 6/5/19) https://www.sec.gov/rules/final/2019 and https://www.naic.org/store/free/MDL-275. to harmonize federal and state best interest standards.  The “Best Read…