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

Return to Archive

TESTIMONIALS

Previous
Next

We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

July 26, 2024
Kentucky Advisor Sues LPL Financial for Alleged Corporate Raid

A Kentucky advisor, Mark Lamkin, has filed a lawsuit against LPL Financial, claiming the independent broker-dealer orchestrated a corporate raid that resulted in the loss of his firm’s entire book of managed assets.

July 25, 2024
FINRA Plans Fee Increases Amid Rising Costs and Losses

The Financial Industry Regulatory Authority (FINRA) has announced plans to raise fees for its approximately 3,300 broker-dealer member firms. According to AdvisorHub, the self-regulator faces soaring costs, as detailed in its annual report published at the end of June.

July 24, 2024
Raymond James Settles with Oregon Over Excessive Commissions

Raymond James recently settled a case with Oregon's Division of Financial Regulation (“DFR”), agreeing to pay nearly $200,000 over allegations of charging excessive commissions to retail investors.