The National Association of Insurance Commissioners said Monday that its life insurance and annuities committee had adopted revisions in its model regulation for annuity sales to senior citizens to expand its protections to all consumers, not just those older than 65.
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The association had adopted a white paper in 2000 calling for the development of suitability standards for nonregistered products, similar to the Securities and Exchange Commission's regulations for registered products. The result was its model regulation, adopted in 2003.
"Consumers, regardless of age, deserve protection from sales that are not suitable," said Jim Poolman, the life insurance and annuities committee's chairman and North Dakota's insurance commissioner.
