California Insurance Code

§ 10509.9204

INS § 10509.9204 Effective Jan 1, 2025Div. 2 · Part 2 · Ch. 5 · Art. 9.5

Statute text

Insurers and producers have the following duties to ensure that annuities that are recommended are in the consumer’s best interest:

(a)Best Interest Obligations. 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, without placing the producer’s or insurer’s financial interest ahead of the consumer’s interest. A producer has acted in the best interest of the consumer if they have satisfied all of the following obligations regarding care, disclosure, conflict of interest, and documentation:

(1)Care Obligation.

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Legislative history

Added by Stats. 2024, Ch. 2, Sec. 6. (SB 263) Effective January 1, 2025.