MO | The Missouri Department of Commerce and Insurance has issued Bulletin 24-07.
The Department of Commerce and Insurance (DCI) recently adopted amendments to the Suitability in Annuity Transactions rule (20 CSR 400-5.900), which became effective August 30, 2024. These amendments incorporate the “Best Interests” standard adopted by the National Association of Insurance Commissioners in Model Regulation #275. The amendments require producers to act in the best interests of the consumer when making a recommendation of an annuity product, under the circumstances known at the time the recommendation is made, and without putting the producer’s or insurer’s financial interest ahead of the consumer’s interest. The rule also requires insurers to have a system in place that ensures the insurance needs and financial objectives of consumers are addressed. Continue reading.