Massachusetts Notice of Hearing Regarding Proposed Amendments

MA | Pursuant to the authority granted to the Commissioner of Insurance (“Commissioner”) under G.L. c. 176D, a public hearing will be held on July 29, 2022, at 11:00 a.m. to hear comments on proposed amendments to 211 CMR 96.00, Consumer Protection and Suitability in Annuity Transactions. The hearing will be held virtually using TEAMS, a digital meeting program. Copies of the proposed amendments are available for inspection upon request to the Division of Insurance (“Division”) and on the Division’s website under the Division of Insurance Public Hearings, Year 2022 Public Hearings page. It is accessible through the Insurance Regulatory Information link on the Division’s main page.

The purpose of these changes to 211 CMR 96.00 is incorporate the latest revisions to the National Association of Insurance Commissioners’ Suitability in Annuity Transactions Model Regulation that is the basis for 211 CMR 96.00. These recent changes are intended to improve consumers’ understanding of annuity products by establishing enhanced standards and procedures for annuity sales by insurance producers or, when no producer is involved, by insurers. These changes broadly align with the U.S. Securities and Exchange Commission’s Best Interest rule that requires a producer or insurer, when recommending an annuity, to act in the best interest of the consumer.

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