Bill > SB5210

This bill aims to require insurance producers to act in the best interest of consumers when recommending annuity products, and to require insurers to establish a system to supervise such recommendations. The bill defines key terms, outlines specific obligations for producers regarding care, disclosure, conflict of interest, and documentation, and establishes a system of insurer supervision. It also provides a "safe harbor" for recommendations made in compliance with comparable standards, and clarifies that the authority to enforce compliance rests with the insurance commissioner. The bill takes effect on January 1, 2024.