ARTICLE 9. Suitability Requirements for Annuity Transactions before January 1, 2025
Heading of Article 9 amended by Stats. 2024, Ch. 2, Sec. 2.
§§ 10509.910–10509.919 · 10 sections
- § 10509.910 The purpose of this article is to require insurers to establish a system to supervise recommendations and to set forth standards and procedures for…
- § 10509.911 (a) This article shall apply to any recommendation to purchase, exchange, or replace an annuity made to a consumer that results in the purchase, exchange, or…
- § 10509.912 Unless otherwise specifically included, this article shall not apply to transactions involving any of the following: (a) Direct response solicitations where…
- § 10509.913 (a) “Annuity” means an annuity that is an insurance product under California law that is individually solicited, regardless of whether or not the product is…
- § 10509.914 (a) In recommending to a consumer the purchase of an annuity or the exchange of an annuity that results in another insurance transaction or series of insurance…
- § 10509.915 (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…
- § 10509.916 (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 insurance…
- § 10509.917 (a) Insurers and insurance producers shall maintain or be able to make available to the commissioner records of the information collected from the consumer and…
- § 10509.918 The commissioner shall, from time to time as conditions warrant, after notice and hearing, adopt reasonable rules and regulations, and amendments and additions…
- § 10509.919 This article shall apply to both of the following: (a) A recommendation of an annuity made before January 1, 2025, that results in the purchase, exchange, or…