On Thursday, August 4, 2022, The Tennessee Department of Commerce & Insurance held a rulemaking hearing to take up the draft proposal for adoption of the NAIC Annuity Suitability Model. NAIFA-Tennessee member, Matt Benson, CFP, loyal member since 2000, testified on behalf of the agents and advisors of NAIFA-Tennessee. We were honored to represent our members before the Department.

With a strong percentage of NAIFA members selling annuities, the adoption of this model language works to ensure that consumers receive valuable information to help them make informed decisions when considering the purchase of an annuity. To date, 28 states have adopted this model regulation to better serve consumers seeking annuity products.

NAIFA-Tennessee encouraged the Department to adopt this proposed regulation, hopefully making our state number 29. As NAIFA members, we ascribe to a code of ethics that requires us to put our client’s interests first. By adopting this proposed regulation, the industry is catching up to the standard of care to which we, as ethical agents and advisors, constantly strive.