NV | The Nevada Division of Insurance (Division) is pleased to announce the approval and filing of Proposed Regulation R109-23- Annuity Suitability and Best Interest Standard. Adopted by Insurance Commissioner Scott Kipper on September 4, 2024, the regulation was subsequently approved by the Legislative Commission and filed with the Nevada Secretary of State on November 15, 2024. A copy of the regulation can be found on the Division’s website at https://doi.nv.gov/News-Notices/Regulations/
Proposed Regulation R109-23 introduces mandatory training for insurance producers who sell annuities, ensuring they possess comprehensive knowledge about annuity products and prioritize consumer interests. This includes a minimum of four hours of instruction on essential topics such as suitable sales practices, the financial exploitation of vulnerable adults, and clear disclosure requirements.