Modified version of NAIC annuity measure goes into effect in Minn.

06/12/2013 | National Underwriter Life & Health

Minnesota's modified version of the 2010 Suitability in Annuity Transaction Model Regulation by the National Association of Insurance Commissioners has become law. The state's version provides more-specific standards for the evaluation of unsuitable products prior to sale, according to the state Commerce Department. The law passed without the signature of the governor, who said he vetoed a similar bill last year. States must have laws that meet or surpass NAIC standards this month if they wish to continue supervising annuity sales.

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