MILWAUKEE, Sept. 19, 2007 (PRIME NEWSWIRE) -- NAFA's newly formed Market Conduct Committee releases its Suitability of Fixed Annuities (http://www.nafa.us/suitability.asp) position paper to demonstrate the benefits of fixed annuities for individuals with safe money needs, including some senior citizens. The Market Conduct Committee purpose is to foster an understanding and adherence to best market conduct and business practices in the distribution, recruiting, marketing, and sales of fixed annuities by insurance companies, marketing organizations and producers.
The Market Conduct Committee works with producers, marketing organizations, and carriers in the fixed annuity market and:
* Develops and oversees market conduct guidelines (Guidelines) * Develops and oversees marketing and recruiting standards (Standards) * Reviews business and marketing operations to help determine compliance with the Guidelines and Standards * Coordinates activities and guidelines with other organizations & associations whose business it is to develop and oversee marketplace standards * Solicits and looks into reports of individuals and companies not adhering to the Guidelines and Standards * Serves letters of guidance to individuals and companies not adhering to the Guidelines and Standards * Confers its Excellence in Annuity Marketing Award annually to the producer, marketing organization, and carrier consistently demonstrating excellence in market conduct and sales practices.
Market Conduct Committee Chair, Bo Johnson, said "the timing of this committee is perfect. NAFA and the committee will address marketing and sales activities that affect consumers understanding of and comfort with the benefits of fixed annuities. It is instrumental for the industry to take the responsibility of regulating from the inside out both intentional and unintentional marketing and sales activities that have an adverse impact on the customer. While I am excited about the great work this committee can do for everyone in the industry, I am more excited about how it will help consumers."
Committee Members include: Bo Johnson, Financial Independence Group, Chair; Art Pickering, Forethought Financial Group; Eric Thomes, Allianz Life; Steve Kerns, InsurMark; Jeanne Taylor, EquiTrust; Ron Grensteiner, American Equity; Fred Cowley, Cowley Insurance Group; Richard Berry, Berry Financial Group, Inc.; Shirley Hinds, former member, Wisconsin's Commission on Aging for Waukesha County and NAFA Membership Services Administrator.
Insurance Professionals and Brokers can learn more about Suitability and Fixed Annuities at the 2007 Annuity Marketing Expo at the MGM Grand (http://www.nafa.us/suitability.asp), Las Vegas, October 17 and 18th. For more information visit www.nafa.us and register today!
NAFA was created to foster a better understanding of traditional, payout and indexed annuities and is the only independent, non-profit organization dedicated exclusively to the promotion of these unique products. Permission to distribute and/or reproduce this document is given to NAFA members only. Any unauthorized distribution is strictly prohibited.