1. (1)

   1. (a) Except as provided in OAR 836-080-0172(1)(b), OAR 836-080-0170 to 836-080-0190 applies to any sale or recommendation of an annuity.
   2. (b) OAR 836-080-0170 to 836-080-0190 does not apply to the transactions described in ORS 743.262(2)(b).
2. (2) A producer, before making a recommendation of or selling an annuity to a consumer, shall make the disclosures required under ORS 743.262(5)(a) by means of a form substantially similar to the form identified as “Insurance Agent (Producer) Disclosure for Annuities - Exhibit 1” on the Department of Consumer and Business Services website at dfr.oregon.gov.

3. (3) In addition to making the disclosures required under OAR 836-080-0172(2), a producer, at the time the producer recommends or sells an annuity to a consumer, shall:

   1. (a) Provide the consumer a copy of the record of the producer’s annuity recommendation, including the basis of how the producer determined the recommendation as required by ORS 743.262(4)(a)(D), ORS 743.262(5)(b), and ORS 743.262(7)(a); and
   2. (b) If a consumer refuses to provide consumer profile information specified in ORS 743.262(1)(d), obtain the signed statement required under ORS 743.262(7)(b)(A) by means of a form substantially similar to the forms identified as “Consumer Refusal to Provide Information – Exhibit 2” on the Department of Consumer and Business Services website at dfr.oregon.gov; and
   3. (c) If a consumer enters into an annuity transaction that is not based on a producer’s recommendation, obtain the signed statement required under ORS 743.262(7)(b)(B) by means of a form substantially similar to the form identified as “Consumer Decision to Purchase an Annuity Not Based on a Recommendation – Exhibit 3” on the Department of Consumer and Business Services website at dfr.oregon.gov.

Statutory/Other Authority

ORS 731.244 & 743.262

Statutes/Other Implemented

ORS 746.100, 746.110, 746.240 & 743.262

History

ID 19-2024, amend filed 08/12/2024, effective 08/12/2024
ID 54-2023, temporary amend filed 12/20/2023, effective 01/01/2024 through 06/28/2024
ID 2-2011, f. & cert. ef. 2-4-11