The purpose of this chapter is to provide standards for the disclosure of certain minimum information about annuity contracts to protect consumers and foster consumer education. The chapter specifies the minimum information which must be disclosed, the method for disclosing it and the use and content of illustrations, if used, in connection with the sale of annuity contracts. The goal of this chapter is to ensure that purchasers of annuity contracts understand certain basic features of annuity contracts.

Author: Commissioner of Insurance

Statutory Authority: Code of Ala. 1975, §27-2-17, 27-12-1 et seq., 27-15-1 et seq.

History: New Rule: September 23, 2003, effective October 11, 2003. Filed with LRS October 1, 2003. Rule is not subject to the Alabama Administrative Procedure Act. Amended: August 6, 2014; effective March 1, 2015. Filed with LRS August 6, 2014. Rule is not subject to the Alabama Administrative Procedure Act.