News Release

WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) Connecticut President Sofia Dumansky issued the following joint statement on the best interest annuity rule adopted by the Connecticut Insurance Department:

“The new rule adopted recently by Insurance Commissioner Andrew Mais and the Connecticut Insurance Department represents a huge victory for consumers in the Nutmeg State. It incorporates the enhanced consumer protections in the National Association of Insurance Commissioners’ (NAIC) updated model regulation on annuity transactions.

“The department’s action builds on the growing, nationwide momentum for enhanced protections for retirement savers relying on annuities for lifetime income. Connecticut is the 16th state to adopt the NAIC model that closely aligns with the SEC’s Regulation Best Interest. Unlike a fiduciary-only approach that limits choices for consumers, these measures offer strong state and federal protections and make sure savers, particularly financially vulnerable middle-income Americans, can access information about different choices for long-term security through retirement.

“The U.S. Congress confirmed the importance of lifetime income when it passed legislation in 2019 that made it easier for employers to include annuities in workplace retirement plans. And thanks to the new rule in Connecticut, retirement savers can secure their financial futures no matter how long they live.

“More states should follow Connecticut with this sensible consumer protection. Then more consumers across America looking to protect their family’s financial future will benefit from a best interest standard of care, no matter where they live.”


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.


Whit Cornman, ACLI, 202-624-2442
Suzanne Carawan, NAIFA, 703-770-8402
Whit Cornman, ACLI, 202-624-2442
Suzanne Carawan, NAIFA, 703-770-8402