Financial protections
shouldn’t limit
financial options

Public policies should promote access to retirement guidance and products.

Helping people build long-term financial certainty is more important than ever. Congress recognized this and expanded worker access to lifetime income options for retirement savings in two landmark, bipartisan retirement bills in the last three years. Enhanced consumer protections that safeguard access have been adopted in 40 states.

On October 31, the Department of Labor announced a new proposed fiduciary regulation that undermines this progress and builds a barrier to financial inclusion. Middle-income savers need protection and access, not policies that would limit their options. Read our statement on the proposal here.

UNINTENDED CONSEQUENCES


A fiduciary-only regulation would have unintended consequences

REAL STORIES


At Issue:
The Savings Gap

Saving for retirement isn’t easy for everyone, particularly for Hispanic and Black families. They earn less, and they’re more likely to work for employers that don’t offer 401(k) or other retirement savings plans. In fact, nearly two-thirds of Hispanic families and more than half of Black families don’t have any form of retirement savings account.

Watch these stories about why access to financial help and information is critical to under-resourced communities:

Helping Consumers Live Financially Secure Lives 1:29

Three financial professionals discuss how they help consumers.

Kenyata Moore on Access to Financial Information 0:52

Kenyata Moore is a financial professional from Indianapolis, Indiana.

Toni Gonzales on Financial Security 1:04

Toni Gonzales is a financial professional from Scottsdale, Arizona.

Mario H. Lopez on Consumer Protection 1:55

Mario H. Lopez is President of the Hispanic Leadership Fund.

Joan Gustaff on Retirement Professionals 0:45

Joan Gustaff is a retiree from North Attleboro, Massachusetts.

Yvonne Burke on Uncertainty 0:53

Yvonne Burke is a financial professional from Las Vegas, Nevada.

Unfortunately, a fiduciary-only regulation would shut off access to important retirement tools, and hurt the very people the regulation intends to help.

Preserving access to financial tools that provide guaranteed income for life, like annuities, can offer much-needed certainty through retirement—the same kind of certainty pensions gave previous generations.

ACLI CEO Susan K. Neely

on Consumer Protection

A BETTER ALTERNATIVE EXISTS


Best Interest

A nationwide movement to create a Best Interest standard would protect consumers as they seek financial information and preserve access to critical lifetime income tools like annuities.

US Map
1
IOWA /// On May 11, 2020, the Iowa Insurance Division adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: January 1, 2021.
2
ARIZONA /// On June 5, 2020, Governor Doug Ducey signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: December 31, 2020.
3
RHODE ISLAND /// On November 4, 2020, the Rhode Island Department of Business Regulation adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: April 1, 2021.
4
ARKANSAS /// On December 28, 2020, the Arkansas Insurance Department adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: July 8, 2021.
5
MICHIGAN /// On December 29, 2020, Governor Gretchen Whitmer signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: June 29, 2021.
6
DELAWARE /// On January 15, 2021, the Delaware Department of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: August 1, 2021.
7
OHIO /// On February 14, 2021, the Ohio Department of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: August 14, 2021.
8
IDAHO /// On March 12, 2021, Governor Brad Little signed legislation in law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: July 1, 2021.
9
NORTH DAKOTA /// On March 23, 2021, Governor Doug Burgum signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: January 1, 2022.
10
NEBRASKA /// On April 7, 2021, Nebraska Governor Pete Ricketts signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: January 1, 2022.
11
MONTANA /// On May 7, 2021, Governor Greg Gianforte signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: October 1, 2021.
12
TEXAS /// On June 4, 2021, Governor Greg Abbott signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: September 1, 2021.
13
ALABAMA /// On June 15, 2021, the Alabama Department of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: January 1, 2022.
14
VIRGINIA /// On June 21, 2021, the Virginia Bureau of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: September 1, 2021.
15
MAINE /// On June 23, 2021, the Maine Bureau of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: January 1, 2022.
16
CONNECTICUT /// On August 17, 2021, the Connecticut Insurance Department adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: March 1, 2022.
17
KENTUCKY /// On November 9, 2021, the Kentucky Department of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: January 4, 2022.
18
MISSISSIPPI /// On November 16, 2021, the Mississippi Insurance Department adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: January 1, 2022.
19
PENNSYLVANIA /// On December 22, 2021, Governor Tom Wolf signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: June 20, 2022.
20
NEW MEXICO /// On February 24, 2022, the New Mexico Office of the Superintendent of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: October 1, 2022.
21
SOUTH DAKOTA /// On March 7, 2022, Governor Kristi Noem signed legislation into law to adopt the best interest annuity revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: January 1, 2023.
22
Maryland /// On March 30, 2022, the Maryland Insurance Administration adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: October 8, 2022.
23
Wisconsin /// On April 15, 2022, Governor Tony Evers signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: October 1, 2022.
24
South Carolina /// On May 11, 2022, the South Carolina Department of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: November 27, 2022.
25
Minnesota /// On May 22, 2022, Governor Tim Walz signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: January 1, 2023
26
North Carolina /// On May 23, 2022, the North Carolina Department of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: January 23, 2023.
27
Hawaii /// On June 17, 2022, Governor David Ige signed into law legislation to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: January 1, 2023
28
Colorado /// On August 3, 2022, the Colorado Division of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: November 1, 2022.
29
Alaska /// On October 24, 2022, the Alaska Division of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: November 23, 2022.
30
Massachusetts /// On December 9, 2022, the Massachusetts Division of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: December 9, 2022.
31
Tennessee /// January 2023: The Tennessee Insurance Division adopted the 2020 updates to the NAIC Suitability in Annuity Transactions Model Regulation. Effective date: January 1, 2024.
32
Illinois /// On February 14, 2023, the Illinois Department of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: February 3, 2022.
33
Georgia /// On February 1, 2023, the Georgia Insurance Department adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model via regulation. Effective date: August 1, 2023.
34
West Virginia /// On March 29, 2023, West Virginia gave legislative approval for the best interest revisions to the NAIC Suitability in Annuity Transactions Model, which had been proposed via regulation. Effective date: March 10, 2023.
35
Wyoming /// On April 5, 2023, the Wyoming Department of Insurance adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: July 4, 2023
36
Washington /// On April 13, 2023, Governor Jay Inslee signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: January 1, 2024.
37
Florida /// On May 24, 2023, Governor Ron DeSantis signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: January 1, 2024.
38
Oregon /// On June 1, 2023, Governor Tina Kotek signed legislation into law to adopt the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: September 24, 2023.
39
Kansas /// On June 16, 2023, Kansas adopted the Best Interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective January 1, 2024.
40
Oklahoma /// On August 15, 2023, the Oklahoma Insurance Department adopted the best interest revisions to the NAIC Suitability in Annuity Transactions Model. Effective date: September 1, 2023

*75.7% of the US population live in a state with a Best Interest standard for annuity sales.

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