IMSA Summit Participants Agree on Need for Consistent, Uniform Approach in Annuity Market |
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Written by U.S. Insurance News
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Sunday, 23 March 2008 |
A mid-March summit convened in Washington, D.C., to address two key issues regarding the annuity industry: the suitability of annuity sales to consumers, and the challenges of coordinating regulation to best serve and protect consumers.
The summit was sponsored by the Insurance Marketplace Standards Association (IMSA).
Those in attendance discussed how state and federal regulators can best work together to provide greater clarity and predictability for companies and producers, who are expected to comply with sometimes inconsistent and overlapping state and federal requirements.
"I applaud IMSA's initiative and effort to address suitability," said Roger Sevigny, New Hampshire Insurance Commissioner and president-elect of the National Association of Insurance Commissioners. "This issue gains importance every day, not only for baby boomers and other consumers, but also for the insurance and regulatory communities. My hope is that from this forum comes a uniform approach to suitability and suitability oversight."
Ryan Wilson, a strategic policy advisor for AARP, said his association was pleased to participate in the forum.
"Hopefully [it will] lead to the development of concrete steps to promote greater consistency and predictability in the regulation and sales of annuity products," he said.
Any improvements, Wilson added, would benefit both the industry and those who purchase annuities.
Doug Ommen, Missouri Insurance Commissioner, agreed.
"In a well-regulated environment, consistency and uniformity is critical to protecting consumers," he said.
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