Wisconsin's Best Interest Law Announcement
On April 15, 2022, Wisconsin released the Best Interest Law (2021 Wis. Act 260). This law revised the annuity suitability standards to better protect consumers of the annuity products. These changes will take effect on Oct 1, 2022.
This announcement includes points on the following: Care obligation, disclosure obligation, conflict of interest obligation, documentation obligation, insurer's supervisory responsibility, comparable standards, training, insurer responsibility, and effective date.
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