Texas Insurance Code
§ 1115.0513 — CARE OBLIGATION
IN § 1115.0513Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1115. SUITABILITY OF CERTAIN ANNUITY TRANSACTIONS · Art. B. DUTIES OF INSURERS AND AGENTS
Statute text
View on source(a)In making a recommendation, an agent shall exercise reasonable diligence, care, and skill to:
(1)obtain consumer profile information from the consumer before making the recommendation of an annuity;
(2)know the consumer's financial situation, insurance needs, and financial objectives;
(3)understand the available recommendation options available to the agent;
(4)consider the types of products the agent is authorized and licensed to recommend or sell that address the consumer's financial situation, insurance needs, and financial objectives;
(5)have a reasonable basis to believe the recommendation addresses the consumer's financial situation, insurance needs, and financial objectives over the life of the product, in light of the consumer profile information;
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Legislative history
Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 9, eff. September 1, 2021.