IRI ANNOUNCES 2020 STATE CHAMPION OF RETIREMENT SECURITY

Posted on November 10, 2020

Iowa Insurance Division Commissioner Doug Ommen Honored

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) presented its State Champion of Retirement Security Award to Iowa Insurance Division Commissioner Doug Ommen in a virtual ceremony today.   

In 2016, Commissioner Ommen began his service as Iowa insurance commissioner after serving as deputy commissioner for three years. More recently, Commissioner Ommen has been one of the leaders of the National Association of Insurance Commissioners (NAIC) Annuity Suitability Working Group to establish a best interest standard for insurance producers that appropriately aligns with the U.S. Security and Exchange Commission’s Regulation Best Interest.

While developing and adopting the latest enhancements to the Suitability in Annuity Transactions Model Regulation, he effectively balanced the importance of protecting the consumer's best interests with the industry’s perspective and the real-world business implications of changes to the model.

“IRI is proud to work with Commissioner Ommen and support a model that raises the bar for insurance producers while preserving consumers' access to products and services that will help them achieve their retirement goals,” said Wayne Chopus, IRI President and CEO. “We also applaud him for making Iowa among the first states to adopt the revised NAIC model, and we are working with our members for an efficient implementation come January.”

Chopus added that Commissioner Ommen’s selection went beyond his work on the revised NAIC annuity sales model regulation. “During his time as Chair of the NAIC Life Insurance and Annuities (A) Committee, he pursued a wide range of efforts to help America’s workers prepare for and achieve a secure and dignified retirement. We thank him for his service, accomplishments, and tireless commitment to Americans' retirement security.”

The IRI Champion of Retirement Security Award was established in 2013 to recognize policymakers who work to enhance retirement security in the United States.

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Contact: Dan Zielinski