In 2010, the National Association for Fixed Annuities (NAFA) designated June as National Annuity Awareness Month (NAAM) to help educate Americans on the important role of annuities as part of a secure retirement savings plan. Annuities can be an integral part of your clients’ long-term retirement planning strategy, providing direction to help them overcome unnecessary risks and important optional benefits that help them to protect their financial future.
During the 87th Legislative Session, NAIFA-Texas played a key role in passing HB 1777. This piece of legislation will require agent and insurers to follow a "Best Interest" standard for annuity products. To act in the best interest of the consumer, the agent is required to satisfy four obligations – the care, disclosure, conflict of interest, and documentation obligations. HB 1777 will harmonize the standard of care for annuities across regulatory platforms.
NAIFA-Texas is very excited this bill passed in time for Annuity Awareness Month. Click here to read more about annuities!