FACC has previously provided comments to the Department and commends its initiative in proposing regulations that align with the NAIC Model Regulation on Suitability in Annuity Transactions. We wish to express our continuing gratitude to you and others at the Department for moving forward with these regulations.
Submitted electronically via: mbrumbaugh@idoi.in.gov
Meggan Brumbaugh
General Counsel
Indiana Department of Insurance
311 West Washington Street, Suite 103
Indianapolis, IN 46204
RE: LSA Document #23-518
Amendments to 760 IAC 1-72 Suitability in Annuity Transactions
Dear Ms. Brumbaugh:
FACC, the Federation of Americans for Consumer Choice, appreciates the opportunity to formally comment on the updated regulatory proposal concerning the Suitability in Annuity Transactions and best interest obligations for annuity sales in Indiana.
FACC has previously provided comments to the Department and commends its initiative in proposing regulations that align with updates to the NAIC Model Regulation on Suitability in Annuity Transactions. We wish to express our continuing gratitude to you and others at the Department for moving forward with these regulations.
FACC and its members believe the NAIC Model Regulation provides solid consumer protection while at the same time preserving consumer choice through well-balanced regulatory requirements consistent with various delivery systems in the marketplace. We thank you for considering these formal comments and for addressing these important matters for consumers.
Sincerely,
Kim O’Brien, CEO
The Federation of Americans for Consumer Choice, Inc. (FACC) is a 501(c)6 non-profit organization incorporated in the state of Texas
whose members are independent marketing organizations and agencies engaged in the distribution of fixed insurance and annuity
products. FACC promotes public policy recognizing the value of guaranteed insurance solutions and preserving freedom of choice
for consumers who seek products and services from independent agents representing multiple carriers and product options.
