ARTICLE 9.5. Suitability Requirements for Annuity Transactions on or after January 1, 2025 [10509.9200. - 10509.9210.]

Article 9.5 added by Stats. 2024, Ch. 2, Sec. 6.

§§ 10509.9200–10509.9210 · 11 sections

§ 10509.9200 The purpose of this article is to require producers, as defined in Section 10509.9203, to act in the best interest of the consumer when making a recommendation…
§ 10509.9201 (a) This article shall apply to any sale of, or recommendation made to a consumer to purchase, exchange, or replace, as defined in paragraph (14) of…
§ 10509.9202 Unless otherwise specifically included, this article shall not apply to transactions involving any of the following: (a) Direct response solicitations where…
§ 10509.9203 (a) For purposes of this article: (1) “Annuity” means an annuity that is an insurance product under California law that is individually solicited, whether the…
§ 10509.9204 Insurers and producers have the following duties to ensure that annuities that are recommended are in the consumer’s best interest: (a) Best Interest…
§ 10509.9205 (a) A producer shall not solicit the sale of an annuity product unless the producer has adequate knowledge of the product to recommend the annuity and the…
§ 10509.9206 (a) An insurer is responsible for compliance with this article. If a violation occurs, either because of the action or inaction of the insurer or its producer,…
§ 10509.9207 (a) Insurers, general agents, independent agencies, and producers shall maintain or be able to make available to the commissioner records of the information…
§ 10509.9208 The commissioner shall, from time to time as conditions warrant, after notice and hearing, adopt reasonable rules and regulations, and amendments and additions…
§ 10509.9209 (a) A life insurer shall provide to all consumers who purchase an annuity a buyer’s guide that shall be delivered as a stand-alone document with the annuity or…
§ 10509.9210 This article shall apply only to sales or recommendations of annuities made on or after January 1, 2025.