Financial protections
shouldn’t limit
financial options

New regulations could threaten efforts to promote equity and close the wealth gap.

Mandating a fiduciary-only approach for all retirement arrangements will have the unintended consequence of harming lower- and middle-income families who are already behind in saving for retirement.

UNINTENDED CONSEQUENCES


A fiduciary-only regulation would have unintended consequences

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 401k 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.

In Our Words

Learn why access to financial advice and information is critical to under-resourced communities.

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.

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

A BETTER ALTERNATIVE EXISTS


Best Interest

Consumers need protections, not limits, in their retirement planning. A nation-wide movement to create a Best Interest standard would protect consumers as they seek financial information and preserve access to critical tools like annuities.

ACLI CEO Susan K. Neely

on Consumer Protection

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 Butch Otter 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, 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.

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