Defined terms for the annuity market and lifetime income landscape.
The best interest standard is a regulatory standard of care requiring that a recommendation be made in the best interest of the customer, applied to annuity transactions under the NAIC Suitability and Best Interest in Annuity Transactions Model Regulation (Model #275, revised 2020) as adopted by individual states, and applied to broker-dealer recommendations through the SEC's Regulation Best Interest. Why it matters The best interest standard is the contemporary successor to the s
