Nebraska Governor Signs Annuity Suitability Update Bill

Posted on April 21st, 2021 at 9:07 AM
Nebraska Governor Signs Annuity Suitability Update Bill

From the Desk of Jim Eccleston at Eccleston Law LLC:

Nebraska Governor Pete Ricketts signed an annuity suitability update bill on April 7. Legislate 22 is based on the National Association of Insurance Commissioners' (NAIC) annuity suitability model update. The Nebraska Annuity bill will take effect immediately. 

A section of the new law requires life insurance agents and advisors to receive suitability update training. Life insurance producers have until six months after July 1 to obtain the necessary training. 

NAIC's suitability update is meant to comply conceptually with the Securities and Exchange Commission's (SEC) Regulation Best Interest (Reg BI). The update requires annuity sellers to act in the best interest of a consumer consider an annuity. Life insurance producers may continue to collect sales commissions. 

Nebraska has become the tenth state to adopt a law or regulation based on the NAIC model update. Other states in the pipeline include Nevada, Texas, and Virginia.

Eccleston Law LLC represents investors and financial advisors nationwide. Please contact us to discuss any issues that you may have.

Tags: eccleston, eccleston law, suitability bill

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