During its 2003 Fall National Meeting, the National Association of Insurance Commissioners (NAIC) adopted a model regulation designed to help protect senior consumers when they purchase or exchange annuity products. The measure is designed to ensure that the insurance needs and financial objectives of senior consumers (age 65 or older) are appropriately addressed.
"[The model regulation provides] senior consumers peace of mind that they are well-protected when making financial decisions," said Utah Insurance Commissioner Merwin Stewart, who also serves as chair of the NAIC Life Insurance and Annuities (A) Committee.
Source: NAIC Adopts Senior Protection in Annuity Transactions Model Regulation
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