1. (1) The purpose of this part is to require insurers to establish a system to supervise recommendations and to set forth standards and procedures for recommendations to consumers that result in a transaction involving annuity products so that the insurance needs and financial objectives of consumers at the time of the transaction are appropriately addressed.
2. (2) This part applies to any recommendation to purchase, exchange, or replace an annuity made to a consumer by an insurance producer or by an insurer when an insurance producer is not involved that results in the recommended purchase, exchange, or replacement.

History: En. Sec. 2, Ch. 476, L. 2007; amd. Sec. 3, Ch. 324, L. 2017.