WASHINGTON, D.C. (February 29, 2024) – Finseca’s CEO Marc Cadin issued the following statement after California’s Governor Gavin Newsom signed into law SB 263, California’s version of the NAIC Best Interest Standard:
“We’re truly grateful for Senator Dodd, the California Department of Insurance (CDI), and the NAIC for their efforts to bolster consumer protections while maintaining access to holistic financial advice,” said Marc Cadin, CEO of Finseca. “We are witnessing the impact that a strong coalition fighting for financial security for all can have, and I’d be remiss if I didn’t emphasize the importance of the joint work that we’ve done under the leadership of ACLHIC, specifically with the help of the teams at the ACLI, IRI, NAIFA, NAFA and our own team at Finseca. California lawmakers took a strong stand today with the objective data we’ve seen from Ernst and Young – holistic financial advice provides better outcomes for consumers, and we should be finding ways to continue to expand on this. Our movement is gaining steam, and we won’t rest until we’ve achieved financial security for all.”
The National Association of Insurance Commissioners (NAIC) developed a best interest for annuity standard that served as the baseline that Senator Dodd and CDI expanded upon to create what CA SB 263 is today. The passage of this legislation and its being signed into law demonstrates the strength and importance of the state-based regulation of insurance that has been in place for decades.
Media Contact
Maggie Seidel – (c) 202-718-7774 | mseidel@finseca.org
About Finseca
At Finseca, we know that financial security improves people’s lives and protects their livelihoods and future wellbeing. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.
