Filed Under:Markets, Gen X Y

NAIC hilights fed-level group for mooring annuities within safe harbor

Is the safe harbor for annuity sellers safe enough?  (AP Photo/Florida Keys News Bureau, Andy Newman)
Is the safe harbor for annuity sellers safe enough? (AP Photo/Florida Keys News Bureau, Andy Newman)

The National Association of Insurance Commissioners (NAIC) is expected to appoint a group to work with federal agencies on persuading plan sponsors to accept that annuity providers are financially sound so they can meet Department of Labor (DOL) safe harbor and fiduciary requirements. A similar group has been in existence. 

The new ERISA Retirement Income Working Group contemplated by the NAIC’s Life Insurance (A) and Annuities Committee would work with representatives of the DOL, the White House Council of Economic Advisors (CEA), the U.S. Department of the Treasury and any other appropriate federal agencies, in coordination with the NAIC Government Relations Leadership Council, according to a recent draft of the Life (A) Committee’s charges. 

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Nichole Morford

Nichole Morford
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