500.4151 Definitions. Sec. 4151. As used in this chapter: (a) “Annuity” means an annuity that is an insurance product under state law that is individually solicited, whether the product is classified as an individual or group annuity. (b) “Cash compensation” means any discount, concession, fee, service fee, commission, sales charge, loan, override, or cash benefit […]
500.4153 Scope of chapter. Sec. 4153. (1) This chapter applies to any sale or recommendation of an annuity. (2) Except as otherwise provided in this chapter, this chapter does not apply to any recommendation to purchase, exchange, or replace an annuity involving any of the following: (a) Direct response solicitations if there is no recommendation […]
500.4155 Purchase or exchange of annuity; recommendations; effort and obligation to act in best interest of consumer; reasonable basis; duties of producer; exceptions. Sec. 4155. (1) A producer, when making a recommendation of an annuity, shall act in the best interest of the consumer under the circumstances known at the time the recommendation is made, […]
500.4157 Repealed. 2012, Act 544, Eff. June 1, 2013. Compiler’s Notes: The repealed section pertained to system to supervise recommendations of insurance providers.
500.4158 Insurer’s supervision system. Sec. 4158. (1) An insurer shall establish and maintain a supervision system that is reasonably designed to achieve the insurer’s and its producers’ compliance with this chapter, including, but not limited to, all of the following: (a) Establish and maintain reasonable procedures to inform its producers of the requirements of this […]
500.4159 Dissuading consumer from certain acts prohibited. Sec. 4159. A producer shall not dissuade, or attempt to dissuade, a consumer from any of the following: (a) Truthfully responding to an insurer’s request for confirmation of the consumer profile information. (b) Filing a complaint. (c) Cooperating with the investigation of a complaint. History: Add. 2012, Act […]
500.4160 Sale of annuities; completion of annuity training course; requirements. Sec. 4160. (1) A producer shall not solicit the sale of an annuity unless the producer has adequate knowledge of the product to recommend the annuity and the producer is in compliance with the insurer’s standards for product training. A producer may rely on insurer-provided […]
500.4161 Copy of annuity policy. Sec. 4161. For a consumer purchasing an individual annuity, the consumer shall be given a copy of the annuity policy within a reasonable time after the annuity is accepted and issued. History: Add. 2012, Act 544, Eff. June 1, 2013
500.4163 Records; maintenance, availability. Sec. 4163. (1) An insurer and an insurance producer shall maintain or be able to make available to the commissioner records of the information collected from the consumer and other information used in making the recommendations that were the basis for insurance transactions for 5 years after the insurance transaction is […]
500.4165 Applicability of subsections; definitions. Sec. 4165. (1) Subject to subsection (2), a recommendation or sale made in compliance with comparable standards satisfies the requirements of this chapter. This subsection applies to a recommendation or sale of an annuity made by a financial professional in compliance with business rules, controls, and procedures that satisfy a […]
500.4166 Compliance with chapter; violation orders. Sec. 4166. (1) An insurer is responsible for compliance with this chapter. If a violation occurs, either because of the action or inaction of the insurer or its producer, the director may order any of the following: (a) The insurer to take reasonably appropriate corrective action for any consumer […]
