Suitability of Annuity Sales (A) Working Group
Suitability of Annuity Sales (A) Working Group Page
Joint Executive (EX) / Plenary Committee Summary Report
Fall 2009 Meeting Summaries Index

The Suitability of Annuity Sales (A) Working Group of the Life Insurance and Annuities (A) Committee met Sept. 21, 2009.

During this meeting, the Working Group:

• Reviewed and discussed a recently distributed subgroup proposal of proposed revisions to the Suitability in Annuity Transactions Model Regulation.
• Voted to replace the Working Group’s July 2 exposure draft with the subgroup’s Sept. 4 draft. This draft will be open for additional comments until Oct. 15.
• Voted, consistent with its charge, to affirmatively pursue revising the Suitability in Annuity Sales Transactions Model Regulation rather than continuing to discuss the issue of developing a model bulletin. This was decided after a Working Group discussion of some of the comments received on the subgroup’s proposal.
• Agreed to ask the Life Insurance and Annuities (A) Committee for a one-year extension to complete its work on the model regulation. The Working Group, however, anticipates completing its work by year-end 2009.