Transcription of SUITABILITY IN ANNUITY TRANSACTIONS MODEL …
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SUITABILITY IN ANNUITY TRANSACTIONS MODEL …
NAIC MODEL Laws, regulations , Guidelines and Other Resources Spring 2020 2020 National Association of Insurance Commissioners 275-1 SUITABILITY IN ANNUITY TRANSACTIONS MODEL REGULATION Table of Contents Section 1. Purpose Section 2. Scope Section 3. Authority Section 4. Exemptions Section 5. Definitions Section 6. Duties of Insurers and Producers Section 7. Producer Training Section 8. Compliance Mitigation; Penalties; Enforcement Section 9. Recordkeeping Section 10. Effective Date Appendix A. Insurance Agent (Producer) Disclosure For Annuities Appendix B. Consumer Refusal to Provide Information Appendix C. Consumer Decision to Purchase an ANNUITY Not Based on a Recommendation Section 1.
This regulation is a successor regulation that exceeds the requirements of the 2010 model regulation. Section 2. Scope . This regulation shall apply to any sale or recommendation of an annuity. Section 3. Authority . This regulation is issued under the authority of [insert reference to enabling legislation].
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