Nebraska Governor Signs Annuity Suitability Update Bill

Posted on April 21st, 2021 at 9:07 AM

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

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

October 2, 2024
SEC Charges Two South Florida Men for Defrauding Venezuelan-American Investors in $5 Million Scheme

The Securities and Exchange Commission (SEC) has filed a complaint against two South Florida men, Francisco Javier Malave Hernandez and Ricardo Javier Guerra Farias, for orchestrating a multi-million dollar investment fraud that targeted members of the Venezuelan-American community.

October 1, 2024
California Advisor Suspended and Fined for Churning Client Accounts

A veteran advisor in Santa Maria, California, Stewart "Paxton" Ginn, has been suspended for 18 months and fined $50,000 by FINRA, according to AdvisorHub

September 30, 2024
Bank of America and Merrill Lynch Settle with FINRA for Supervisory Failures

Bank of America and its subsidiary, Merrill Lynch, have agreed to a $3 million fine and censure as part of a settlement with FINRA over long-term supervisory failures.