NAIC Annuity Suitability Challenges for RIIA Webinar. Nadine Rosin March 21, 2013
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1 NAIC Annuity Suitability Challenges for 2013 RIIA Webinar Nadine Rosin March 21, 2013
2 Annuity Suitability - Background For some time now, variable annuities have been subject to suitability requirements as set forth by FINRA. The National Association of Insurance Commissioners ( NAIC ) has developed various versions of a Suitability Model for states to adopt with similar suitability requirements for fixed annuities as well. The 2010 NAIC Suitability in Annuity Transactions Model Regulation (the Model ) requires insurers to establish a system to supervise recommendations and set forth standards and procedures for suitable recommendations to consumers. 2
3 Background The Model requires that training must be completed before a producer can solicit annuity business. The producer must have adequate knowledge of the product to recommend the annuity and be in compliance with the insurer's standards for product training. The Model applies to all annuity products including fixed, variable, immediate and deferred. (Qualified plans are generally exempt). Under the Model, an Insurer may delegate certain functions to a third party. 3
4 NAIC Model Main Components of the Model Training- State-approved 4 credit CE course and product specific training Supervision- Field and Home office review of suitable recommendations Monitor, Audit and Report- Annual Report to determine the effectiveness of the Suitability program 4
5 Going Nationwide with Annuity Suitability Requirements? Each state must adopt the Model or some version of it; approximately half the states have adopted the Model or some version or it. The 26 states include: Alaska, California, Colorado, Connecticut, Dist. of Columbia, Hawaii, Illinois, Iowa, Kansas, Kentucky, Maryland, Michigan, Nebraska, New Jersey, New York, North Dakota, Ohio, Oregon, Rhode Island, South Carolina, South Dakota, Texas, Utah, Washington, West Virginia and Wisconsin Challenges Should an Insurer make the Annuity suitability training and review rules apply to all 50 states? Training requirements only? Training and Suitability review? 5
6 Training Training Insurer shall establish a supervision system to that is reasonably designed to achieve the insurer and its producers compliance with the Model: Reasonable procedures to inform producers of the Model s requirements Establish standards for product training State approved courses for CE Reciprocity between states? Different effective dates for new vs. existing producers Product Specific Training How long should each product training module be? Live training vs. training on-line Product changes- material? Retrain vs. field updates 6
7 Supervision System Supervision System Insurer shall establish a supervision system to that is reasonably designed to achieve the insurer and its producers compliance with the Model: Procedure to review recommendations prior to the issuance of an annuity Procedure to detect unsuitable recommendations 7
8 Client Information for Suitability Review Capture client information and review to determine if annuity recommendation is suitable. Such client information may include: Age Annual income Financial situation Financial experience Financial objectives Intended use of the annuity Risk Tolerance Frequency of replacements Financial time horizon Existing assets Liquidity needs Liquid net worth Tax status 8
9 Client Information for Suitability Review Challenges Capturing the right information- Investor Account Form Reaching out for more information from Agent/Client Documenting follow-up Making it easy to do business with the Insurer 9
10 Delegation-Third Party Distribution Channels Challenges Insurer expectations re: training Must distributors use the insurer/product manufacturer s training materials verbatim? Creative license to make all products they offer have similar feel? Building a structure to regularly monitor third party distributor suitability review Reviewing rejected business; determining trends, etc. Working with third parties to gather information; review suitability determinations 10
11 Annual Report Monitoring, Auditing and Reporting The Model requires insurers to provide an annual report to senior management, which details a review, with appropriate testing, reasonably designed to determine the effectiveness of the supervision system, the exceptions found, and corrective action taken or recommended, if any. 11
12 Annual Report Challenges Frequency of ongoing review What data to review Corrective action Format of internal report Reviewing third parties; suitability delegation Determine audience of Report Anticipating Regulators inquiries/challenges 12
13 Regulatory Environment Insurers have had over 2 year s experience under the Model. States have been conducting Market Conduct Exams inquiring into how an insurer meets its annuity suitability requirements Asking to see product training materials Insurer s forms in connection with Annuity Suitability Description of their suitability review process Complaints 13
14 Regulatory Environment Challenges State variations of NAIC Model Coordination with other insurer processes, e.g. Complaint handling Delegation to third parties Extraterritorial requests/responses for information 14
15 Questions? 15
16 2011 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. 16
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