WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan Neely made the following comment on the best interest annuity rule published today in the Iowa Administrative Bulletin.

“Iowa has cemented its status as a national leader in enhancing protections for consumers seeking lifetime financial income and retirement security through annuities.

“The uncertainties of the COVID-19 economy highlight the growing societal need for long-term financial protection. The regulation, adopted by the Iowa Insurance Department on May 11, assures retirement savers seeking this protection that the financial professionals they work with are acting in their best interest.

“The rule closely follows the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation and aligns with the SEC’s Regulation Best Interest. With this move, Iowa ensures that all financial professionals must act in their customer’s best interest.   

“We thank Iowa Insurance Commissioner Doug Ommen for his leadership in advancing these important consumer protections at the NAIC and in his home state. We ask other states to follow Iowa’s example.”

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.

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