WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) Senior Vice President of Government Relations Diane Boyle issued the following joint statement on the best interest annuity rule adopted recently by the Delaware Department of Insurance.

“People purchasing annuities deserve guidance from financial professionals required to act in the consumer’s best interest. The rule adopted by Commissioner Trinidad Navarro and the Delaware Department of Insurance meets important goals for consumer protection while also protecting access to information for lower- and middle-income savers. Congress recognized the value of helping people effectively create their own pension with annuities, by making it easier to include them in workplace retirement plans with legislation enacted a year ago. Information about annuities is important for everyone looking for retirement income they can’t outlive and the security and certainty that comes with it.

“The department’s action continues the nationwide drive toward enhanced consumer protections for consumers seeking lifetime income from an annuity. Delaware joins Iowa, Arizona, Arkansas, Rhode Island and Michigan as states that have adopted measures closely tracking the ‘best interest of consumer enhancements’ in the National Association of Insurance Commissioners (NAIC)  Suitability in Annuity Transactions Model Regulation. They also align with the SEC’s Regulation Best Interest  to create a strong network of state and federal protections for retirement savers.

“Commissioner Navarro and the department’s leadership on behalf of consumers provides an example for other states and builds momentum for consumers nationwide.”  

About ACLI: 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 95 percent of industry assets in the United States.

About NAIFA: Founded in 1890, NAIFA is the oldest, largest and most prestigious association representing the interests of financial services professionals from every Congressional district in the United States. Our mission – to advocate for a positive legislative and regulatory environment, enhance business and professional skills, and promote the ethical conduct of its members – is the reason NAIFA has consistently and resoundingly stood up for financial services professionals and called upon members to grow their knowledge while following the highest ethical standards in the industry.