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SUITABILITY IN ANNUITY TRANSACTIONS MODEL …

NAIC MODEL Laws, Regulations, Guidelines and Other Resources Spring 2020 2020 National Association of Insurance Commissioners 275-1 SUITABILITY IN ANNUITY TRANSACTIONS MODEL REGULATION Table of Contents Section 1. Purpose Section 2. Scope Section 3. Authority Section 4. Exemptions Section 5. Definitions Section 6. Duties of Insurers and Producers Section 7. Producer Training Section 8. Compliance Mitigation; Penalties; Enforcement Section 9. Recordkeeping Section 10. Effective Date Appendix A. Insurance Agent (Producer) Disclosure For Annuities Appendix B.

A. “Annuity” means an annuity that is an insurance product under s tate law that is individually solicited, whether the product is classified as an individual or group annuity. B. “Cash compensation” means any discount, concession, fee, service fee, commission, sales charge, loan,

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LIFE INSURANCE AND ANNUITIES REPLACEMENT MODEL …

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