Draft: 9/17/19 FACC Redline 9/30/2019 NOTE: This mark –up is not meant to be definitive. Rather, it is meant to be illustrative of some, but not all, of our points raised in our comment letter. It is subject to continuing analysis and development. See download for full body of document.
We want to share the attached list of “parking lot” issues which we prepared for purposes of identifying some of the larger issues that remain open for discussion in connection with the model suitability regulation.
As you know by our comments, we support the standard put forward by Iowa in Section 6 A (1) (d), or something similar, because it provides a benchmark for determining what is meant by so many other undefined and open-ended terms like “best interest”, “best suited”, “care”, “skill”, “diligence” etc.
Dear Members of the Annuity Suitability Working Group
We wish to follow up on an important issue considered in this week’s phone call concerning the Care Obligation and ask for reconsideration.
We hope not to strain the patience of the Working Group, but we are perplexed by the decision to remove section 6 A (1) (d).
Dear Director Froment:
We appreciate you have reached out and requested feedback on the following question outlined in Ms. Matthews May 22, 2019 email:
If the model would require “best interest” as the appropriate standard of conduct, how should “best interest” be defined in order to provide an objective standard for compliance and regulatory oversight?
As you know from our previously submitted comments, we oppose applying a security industry “best interest” standard to fixed annuities.
As the National Association of Insurance Commissioners considers amending the model suitability regulation, and as the U.S. Securities and Exchange Commission considers adoption of a parallel best interest proposal, the FACC Campaign finds certain misconceptions have taken root that must be addressed to ensure the ongoing debate is conducted based on facts and sound reasoning rather than preconceived notions or inaccurate assumptions. Kim O’Brien helped kill the DOL fiduciary rule. Here’s what she thinks about the new sales standards projects.
On February 13, 2019, the NAIC adopted the new Best Interest standards for annuity sales. The Fixed Annuity Consumer Choice Campaign (FACC) has been at the forefront of development of these new standards throughout the NAIC process.
January 2019 TO: Trade Organizations with Members in the Independent Distribution Channel RE: NAIC Best Interest Regulation We the undersigned are Independent Marketing Organizations (IMOs) and many of us belong to trade organizations or work with companies that belong to trade associations. In the past few months we have been
For those following NAIC developments, the working group is drafting an update to the model suitability regulation, deciding whether to include an explicit “best interest” provision. It has sparked debate between factions on the working group but the FACC Campaign is not convinced it matters. FACC maintains the NAIC should
Fixed Annuity Group Proposes Revisions to Model Annuity Disclosure Regulation Phoenix, AZ, 1BOctober 10, 2018 – The Fixed Annuity Consumer Choice Campaign (FACC) today released its proposal to require stronger disclosures including a client relationship summary and producer compensation notice. The group contends the best interest proposals currently under consideration
The Federation of Americans for Consumer Choice (FACC)
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