For life insurance agents and those who sell annuities and life insurance, the National Association of Insurance Commissioners has advanced a proposal, but it remains unclear if it will focus on enhanced suitability or be tightened up to include an actual best-interest standard that requires agents and reps to offer the best product to customers, not just one that is suitable, he said.
“If we have this conversation in 2020, I think we will see an entirely different world in terms of investment protections and best standards,” Reish predicted.