Bill > H0079

This bill repeals, adds to, and amends existing law to enact the Annuity Consumer Protections Act. The key provisions of the bill include: 1. Defining terms related to annuities, such as "annuity," "best interest obligations," "cash compensation," and "consumer profile information." 2. Establishing a best interest standard for producers when recommending annuities, including requirements around care, disclosure, conflict of interest, and documentation. 3. Requiring insurers to establish and maintain a supervision system to ensure compliance with the Act, including procedures for product training, review of recommendations, and detecting non-compliant recommendations. 4. Mandating a one-time four-credit training course for producers on annuity products and regulations. 5. Authorizing the Director to order corrective action and impose penalties for violations of the Act. 6. Requiring record-keeping by insurers, agencies, and producers related to annuity transactions. 7. Amending existing law to modify disclosure requirements for annuity sales. The bill aims to strengthen consumer protections and ensure annuity recommendations are in the best interest of the consumer.

Business and Industry, Justice

Business Committee (House)

https://legislature.idaho.gov/sessioninfo/2021/legislation/H0079/