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SB 1557 - Amends State Consumer Annuity Laws and Regulations - Arizona Key Vote

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Title: Amends State Consumer Annuity Laws and Regulations

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Title: Amends State Consumer Annuity Laws and Regulations

Vote Smart's Synopsis:

Vote to pass a bill that amends state consumer annuity laws and regulations.

Highlights:

 

  • Requires the producer of an annuity to act in the best interest of the consumer under the circumstances at the time when a recommendation for one is made (Sec. 4). 

  • Requires producers to have the care and skill to do the following (Sec. 4):

    • Know the consumer’s financial situation, insurance needs and financial objections;

    • Understand the available recommendation options after making a reasonable inquiry into options available to the producer;

    • Have a reason to believe that the recommendation is in the best interest of the consumer and would benefit from the annuity;

    • Communicate the basis of the recommendation;

    • Make reasonable efforts to obtain consumer profile information from the consumer; and

    • Consider the types of products the producer is authorized to sell or recommend to the consumer.

  • Requires insurers, agents, independent agencies, businesses and consumers to maintain records of consumer profile information for at least 5 years after a business transaction is made (Sec. 6).

  • Prohibits producers from soliciting annuities unless they have adequate knowledge of the product they are trying to sell (Sec. 7).

  • Requires insurers to complete the following by July 1, 2021 (Sec. 8):

    • A new 4-hour annuity training course; and

    • An additional one-time, one-hour course on appropriate sales practices, replacement and disclosure requirements.

  • Repeals Section 8 of this bill on January 1, 2022 (Sec. 8). 

  • Establishes that this bill takes effect on December 31, 2020 (Sec. 9).

Title: Amends State Consumer Annuity Laws and Regulations

Title: Amends State Consumer Annuity Laws and Regulations

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