Investment News
By: Darla Mercado
State insurance regulators Monday voted in favor of a proposal that would allow carriers to terminate an annuity living or death benefit if a client sold the contract over the secondary market.
The management committee and full commission of the Interstate Insurance Product Regulation Commission, a group that’s affiliated with the National Association of Insurance Commissioners, voted in favor of a uniform set of additional standards for guaranteed living and death benefits that are attached to individual deferred annuities.
Some 36 jurisdictions, including Puerto Rico, comprise the IIPRC. Thirty regulators took part in the full commission vote on Monday. Only Indiana voted against the proposal.
Commentary by Life Policy Group:
It’s difficult to see the logic in this. It hardly enhances customer choice and yet again returns power to the few!
Read the original article here
Tags: IIPRC, Interstate Insurance Product Regulation Commission, terminate an annuity