Filed Under:Your Practice, Regulatory

Minnesota adopts NAIC model annuity law

Becomes law without governor's signature.

Minnesota State Capitol building in St. Paul, Minn. AP Photo/Jim Mone, file.
Minnesota State Capitol building in St. Paul, Minn. AP Photo/Jim Mone, file.

Minnesota is the latest state to adopt a version of the NAIC’s 2010 Suitability in Annuity Transaction Model law. By this month, all states must enact into law a version of that legislation that either meets or exceeds the NAIC requirements if they are to retain oversight of annuity sales.

In Minnesota, the bill – HF 791 – passed the House of Representative by a vote by 127 to 7 in April and the Senate by a roll call of 55-8 in May.

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Nichole Morford

Nichole Morford
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