Course Outline
Annuity Suitability Best Interest
Best Interest – 2020 NAIC Model States
Agents are required to act in the best interest of the consumer, under the circumstances known at the time, without placing the agent’s or insurer’s financial interest ahead of the consumer’s interest.
Suitability – non-2020 NAIC Model States
Recommendations for purchase of an annuity must be “suitable” for the consumer.
Agent’s Guide
To help assess suitability, the “Agent’s Guide to the Suitability and Best Interest Standards of Care” is available on AssureLINK.
Agent Obligations
- Before making a recommendation, an agent must make reasonable effort to obtain information about the consumer’s needs and objectives
- Submit “Suitability Acknowledgment” or “Consumer Profile Information” form, depending on state
- Document and retain all information used in making recommendation
