Forty-five states have now adopted the annuity sales standard update developed by the National Association of Insurance Commissioners, and three other states — Missouri, Nevada and New Jersey — have update adoption efforts pending, according to a new map developed by an NAIC team.
New York state has adopted another annuity sales standard.
Louisiana and the District of Columbia are the only jurisdictions with no annuity standard update adopted and no known adoption effort pending.
The Annuity Suitability Working Group, an arm of the NAIC, posted the latest version of the update adoption tracking map on its section of the NAIC's website Monday.
What it means: The United States is six jurisdictions away from having what could be a uniform set of annuity sales standards.
Background: The effort to pass the NAIC's annuity sales standard update is part of a decades-old move to tighten U.S. annuity sales standards.
The saga affects sellers of fixed annuities and non-variable annuities much more than it affects sellers of traditional variable annuities or registered index-linked annuities, because the SEC already regulates traditional variable annuities and RILA contracts as securities.
