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

Indiana § 27-4-9-3

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

Text

(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.

Legislative History

As added by P.L.138-2005, SEC.2. Amended by P.L.131-2007, SEC.3.