Georgia Insurance Department is to be commended for its interest in modernizing your existing regulation and the following path of 29 other states who have adopted the regulation.
FACC comments on one apparent deviation in the proposed amendments from the NAIC model regulation. We note a portion of Section 1.B of the model regulation was not included in the Illinois proposal in its entirety as represented by the underlined language: Nothing herein shall be construed to create or
If there is doubt, the Department should incorporate the above language for consistency purposes and avoid creating unnecessary civil action exposure for agents and agencies operating in Illinois.
FACC opposes the proposed regulation which we believe is unnecessary, redundant, and potentially confusing. While many states – 28 to date – have adopted the NAIC model regulation through rulemaking or legislation, none has seen the need to adopt a regulation similar to the one proposed here. The reason is
FACC supports the proposal to amend Tennessee’s suitability regulation as currently draftedand publicly proposed. FACC would strongly oppose any consideration of changes to the language that would deviate from the language contained in the NAIC Model #275. August 11, 2022 Submitted via email to Jenny.Taylor@tn.gov Ms. Jenny TaylorAssociate General Counsel
FACC, the Federation of Americans for Consumer Choice, fully supports the efforts of West Virginia to adopt the updated NAIC Model regulation #275. We appreciate that West Virginia has proposed adopting the model regulation in full to enhance consumer protection and promote uniformity.
Thank you for the opportunity to comment on proposed changes to R590-230, Suitability in Annuity Transactions. FACC applauds the Department’s efforts to adopt the updated version of the NAIC Model Regulation to enhance consumer protection and promote uniformity.
FACC comments on next steps relative to the published FAQs and proposed FAQs for Training & Safe Harbor. FACC actively supported the NAIC Working Group’s efforts to develop the existing FAQs and is grateful for the opportunity to have worked with other trade groups and regulators last year in completing
FACC is working hard to ensure that the NAIC Model for Best Interest is adopted as drafted by the NAIC so that it is workable for all agents and advisor in ALL states.
FACC Proposes CRS Concept to NAIC Suitability Working Group Download to read the entire document.
The Federation of Americans for Consumer Choice (FACC)
2023 ALL RIGHTS RESERVED.
Any re-publication or distribution without prior written consent is prohibited.
