WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan Neely made the following comments today on a new law that requires financial professionals in Arizona to act in consumers’ best interest when recommending an annuity:
“Arizona’s new law builds on the growing momentum to enhance protections for consumers seeking lifetime income through annuities.
“The law gives retirement savers confidence that the financial guidance they receive will be in their best interest. It ensures that Arizonans will get the help they need to find an annuity that is right for them.
“Arizona’s new law closely follows the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. Iowa recently adopted its NAIC-based proposal. The Arizona law also matches up with the SEC’s Regulation Best Interest, providing Arizonans with important protections at the state and federal levels.
“We applaud the Arizona legislature and Gov. Doug Ducey for taking decisive action on behalf of consumers. We urge other states to do the same so that all consumers, no matter where they live, can enjoy these important protections.”
The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 280 member companies represent 94 percent of industry assets in the United States.