Which one of the following statements is correct?

Select one:

A$.$ While bank employees are considered to have a fiduciary duty to their clients, insurance professionals do not.

B$.$ Regulatory compliance can be simplified when insurance operations involve multiple states with multiple regulatory bodies.

C$.$ An insurer merging with a bank may be considered part of the financial services sector and thus may be regulated at the federal level as well as at the state level.

D$.$ The National Association of Insurance Commissioners $($NAIC$\text{'}$s$)$ Model Acts and Model Regulations are mandatory for insurers.