New year, new laws start up
December 30, 2022
The following are select new laws passed during the 2022 session — and one from 2021 — of the Minnesota Legislature that take effect Jan. 1.
• Annuity sales law updates best interest standards in annuity sales to help protect consumers, especially older adults. Insurers may not put their financial interests ahead of the consumer. When recommending an annuity, insurance agents should follow revised National Association of Insurance Commissioners standards, satisfying four conduct obligations: care, disclosure, conflict of interest and documentation...