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.

 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 newly formed group, the Fixed Annuity Consumer Choice Campaign, or FACC Campaign, is led by Dwight Carter, President of Financial Security Associates and chairman of the new organization, and Kim O’Brien, a well-known annuity advocate.
Its primary emphasis is pushing for permanent placement of fixed indexed annuities under the 84-24 Exemption with other fixed annuities.