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Oklahoma Comment Letter Requesting Specific Reference to NAIC Disclosure Language

We urge that Subchapter 17 be modified to specify the content of required disclosure forms rather than stating “on a form prescribed by the Commissioner.” These statements appear in the “Disclosure obligation” and “Documentation obligation” provisions in subsection 365:25-17-7 (a) concerning Best Interest Obligations. This modification could be done either by incorporating the full forms into the regulation as provided for in the NAIC Model Regulation or making specific reference to the NAIC Model Regulation exhibit forms.

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Georgia Comment Letter Opposing Mere Reference to Best Interest

FACC must strongly oppose the proposal to amend Georgia’s suitability regulation as currently drafted. The current proposal attempts to create a “best interest” standard in a single sentence which FACC believes would be a serious mistake and would prove counterproductive as compared to adopting the newly revised NAIC Model Regulation in its entirety.

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Illinois Comment Regarding NAIC Suitability Proposal

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

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South Dakota Comment Regarding Conflict of Interest

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

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FACC Comment to Tennessee Department of Insurance

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.

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FACC Comments on West Virginia Best Interest Proposal

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.

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FACC Comments on Utah Best Interest Proposal

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.

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