Industry Updates

NAIC Working Group Seeking Input from States for Appropriate Sales Practices Model Reg.

May 12, 2017

On Thursday, May 11, the Promoting Appropriate Sales Practices in Life Insurance and Annuities (A) Working Group of the National Association of Insurance Commissioners (NAIC) met to discuss drafts of a survey and a revised consumer alert regarding sales practices targeted towards seniors. The Working Group, previously named the Preventing Abuses in Life Insurance and Annuities (A) Working Group, is tasked with reviewing and revising the NAIC’s Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities (#278) and producing a revised consumer alert.

So far, the Working Group has created a survey for state insurance officials to complete in order to gather information to help the Working Group determine if the law needs substantial revision. The Working Group has asked that states complete the surveys no later than June 30, 2017.

The next Working Group call will take place on June 1, 2017, where they will resume discussion of the consumer alert draft. The current draft of the revised consumer alert may be found here.

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