Best's Review



Regulatory Update
IAIS Estimates Number of IAIGs

Plus NAIC on suitability standard for annuity model law.
  • September 2018
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Romain Paserot, deputy secretary general of the International Association of Insurance Supervisors, provided the estimate to state regulators at a committee meeting at the National Association of Insurance Commissioners' Summer Meeting.

Paserot was asked by Florida Insurance Commissioner David Altmaier about the number of IAIGs that would fall under the IAIS criteria when ComFrame begins in 2020. Paserot estimated at least 50 would meet new IAIS criteria for IAIGs. He said of those that would qualify, more than 20 would be European-based, with about 15 from nations in Asia and 12 from North America.

NAIC Panel to Consider Suitability Standards

A National Association of Insurance Commissioners' panel will consider a suitability standard for life insurance as part of changes to the regulators' annuity suitability model law. The panel heard a request to include life insurance suitability for working group consideration from New York Department of Financial Services Superintendent Maria Vullo during the NAIC Summer Meeting in Boston. The DFS recently issued its own suitability rule for those selling annuities and life insurance products. It mandates insurers meet standards ensuring agents and brokers make recommendations for products that are in the consumer's best interest without considering compensation.

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