Texas Insurance Code

§ 1115.0516 — DOCUMENTATION OBLIGATION

IN § 1115.0516Title 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

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At the time of the recommendation or sale, an agent shall:

(1)make a written record of the recommendation and the basis for the recommendation;

(2)if applicable, obtain a statement signed by the consumer on a form prescribed by the commissioner by rule that is substantially similar to the National Association of Insurance Commissioners Consumer Refusal to Provide Information form documenting:

(A)a consumer's refusal to provide consumer profile information; and

(B)a consumer's understanding of the ramifications of failing to provide consumer profile information or providing insufficient consumer profile information; and

(3)if a consumer decides to enter into an annuity transaction that is not based on the agent's recommendation, obtain a statement signed by the consumer on a form prescribed by the commissioner by rule that is substantially similar to the National Association of Insurance Commissioners Consumer Decision to Purchase an Annuity Not Based on a Recommendation, acknowledging that the annuity transaction is not recommended.

Legislative history

Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777), Sec. 9, eff. September 1, 2021.