Attention Rhode Island producers
NAIC Model Regulation 275 requires sales process changes starting April 1, 2021
Starting April 1, 2021, for all new business written in Rhode Island, a new annuity standard of care rule becomes effective. This new “best interest” standard, which replaces the old suitability standard, includes several substantive changes to both producer obligations and supervising insurer obligations. These changes will impact the sales process — including new point-of-sale form requirements, producer disclosures, and documentation obligations.