LA | The Louisiana Department of Insurance recently adopted a measure to incorporate a “best-interest” standard of care for insurance professionals in recommending annuities to consumers.
The new regulation improves the standards for annuity transactions by requiring producers to collect comprehensive financial information from clients, put clients’ interests ahead of their own in selecting products, and disclose conflicts of interest during the transaction. The regulation ensures producers offer advice that best aligns with consumers seeking lifetime income through annuities.