The American Council of Life Insurers (ACLI) is supporting Nebraska state measures providing citizens statewide with enhanced consumer protections when buying annuities.
Officials said Nebraska Gov. Pete Ricketts recently signed legislation focusing on the best interest of consumer interests in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation.
“Nebraska’s new law continues a drive by policymakers and elected leaders across the country to enhance protections for consumers seeking lifetime income in retirement,” ACLI President and CEO Susan Neely said. “At the same time, these new standards safeguard lower- and middle-income families’ access to important information they need for a secure retirement. We hope more states take similar actions, so all consumers are protected no matter where they live.”
The measures garnered strong support from Nebraska Director of Insurance Bruce Ramge and were championed in the state legislature by State Sen. Matt Williams (R-Dist. 36). The action offers bolstered state and federal protections while ensuring savers are not discriminated against and have information about options for long-term security through retirement.
“Running out of money is one of consumers’ biggest retirement fears,” Nebraska Insurance Federation Executive Director Robert M. Bell said. “As the only financial product that guarantees lifetime income, annuities can help alleviate this anxiety. Thanks to Sen. Williams, Gov. Ricketts, and the Nebraska Legislature, Nebraskans planning for a secure retirement will have access to important information about annuities to help them make informed decisions.”