Indiana § 27-4-9-3 Suitability of annuity recommendations

Indiana Statutes

§ 27-4-9-3 — Suitability of annuity recommendations

Indiana·Title 27 INSURANCE·Art. 4 UNFAIR COMPETITION; UNAUTHORIZED·Ch. 9 Recommendations to Senior Consumers

(a)An insurance producer, or an insurer in a case in which an insurance producer is not involved, shall not recommend to a consumer the:

(1)purchase of an annuity; or

(2)exchange of an annuity that results in another insurance transaction; that is unsuitable for the consumer.

(b)A determination regarding whether a purchase or an exchange under subsection (a) is unsuitable for a consumer must be made:

(1)based on the facts disclosed by the consumer concerning the consumer's:

(A)investments and other insurance products; and

(B)financial situation and needs; and

(2)according to the rule adopted under section 4 of this chapter.

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(a) An insurance producer, or an insurer in a
case in which an insurance producer is not involved, shall not
recommend to a consumer the:
(1) purchase of an annuity; or
(2) exchange of an annuity that results in another insurance
transaction;
that is unsuitable for the consumer.
(b) A determination regarding whether a purchase or an exchange
under subsection (a) is unsuitable for a consumer must be made:
(1) based on the facts disclosed by the consumer concerning the
consumer's:
(A) investments and other insurance products; and
(B) financial situation and needs; and
(2) according to the rule adopted under section 4 of this chapter.

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