Indiana Code 27-4-9-4. Rules
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Sec. 4. (a) The department shall adopt rules under IC 4-22-2 to implement this chapter.
(b) The rules adopted under subsection (a) must set forth the duties that apply to an insurer or an insurance producer in determining whether reasonable grounds exist to believe that a recommendation to purchase or exchange an annuity is suitable for a consumer to whom the recommendation is made based on the facts disclosed by the consumer concerning the consumer’s investments, other insurance products, and financial situation and needs.
As added by P.L.138-2005, SEC.2. Amended by P.L.131-2007, SEC.4.
Terms Used In Indiana Code 27-4-9-4
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- consumer: means an individual who receives a recommendation to purchase or exchange an annuity that results in the recommended purchase or exchange. See Indiana Code 27-4-9-2