Changes to annuity regulation spur more transparency in the insurance industry

The National Association of Insurance Commissioners, a national standard-setting and regulatory support organization comprised of insurance regulators from across the country, have passed new amendments to the Annuity Disclosure Model Regulation. The regulation determined how insurers released information regarding annuity payments to consumers. Previously, such information was withheld as much as possible by insurers, but the new amendments require that this information be put into the limelight for all to see. Changes to the rule will also require insurers to detail the practices they use in determining annuities and how…

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