DAR File No. 38559
This notice was published in the June 15, 2014, issue (Vol. 2014, No. 12) of the Utah State Bulletin.
Insurance, Administration
Rule R590-230
Suitability in Annuity Transactions
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 38559
Filed: 05/30/2014 09:59:38 AM
NOTICE OF REVIEW AND STATEMENT OF CONTINUATION
Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:
Subsection 31A-2-201(3)(a) gives the commissioner the authority to write rules to implement the provisions of Title 31A. Section 31A-22-425 authorizes the commissioner to write rules dealing with definitions, disclosures, exclusions, or limitations in regards to annuity contracts. The rule includes a definitions section, a section setting forth duties of the producers and insurer in an annuity contract transaction, and a section setting forth the commissioner's authority to order corrective actions and penalties when there is a violation of this law and rule.
Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:
No comments were received by the department regarding this rule in the past five years.
Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:
It is important that this rule continue in force so producers and insurers may have standards and procedures to follow in setting forth financial recommendations to consumers considering the purchase of an annuity product. These recommendations are to take into account the insurance needs and financial objectives of the consumer at the time of the transaction.
The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:
InsuranceAdministration
Room 3110 STATE OFFICE BLDG
450 N MAIN ST
SALT LAKE CITY, UT 84114-1201
Direct questions regarding this rule to:
- Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at jwhitby@utah.gov
Effective:
05/30/2014
Authorized by:
Todd Kiser, Commissioner
Additional Information
More information about a Five-Year Notice of Review and Statement of Continuation is available online.
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull-pdf/2014/b20140615.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
For questions regarding the content or application of this rule, please contact Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at jwhitby@utah.gov. For questions about the rulemaking process, please contact the Division of Administrative Rules.