At this time,state insurance oversight officials have not taken any significant public action on their own updated version of sales practices standards thus far, otherwise known as the revised NAIC Suitability in Annuity Transactions Model Regulation.85 This revised model law added a best interest standard of conduct for insurers and producers in the sale of annuities and life insurance in alignment with federal securities regulation. At least 30 states now have adopted the revised model or an alternative and at least a half dozen are pending,with some state laws becoming effective inJanuary 2023. This widening reach of Reg Bl scrutiny by multiple agencies could turn up the heat on sales practices of insurance agents and producers.86 New York’s comprehensive and detailed rule will likely be wielded now that the state’s high court has reinstated the 2018 amendment adding a best interest standard.Alower court had earlier ruled it unconstitutional, a position that was overruled in October 2022.87
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