California Insurance Code ARTICLE 9 - Suitability Requirements for Annuity Transactions

Section 10509.910.
The purpose of this article is to require insurers to establish a system to supervise recommendations and to set forth standards and procedures for recommendations...
Section 10509.911.
(a) This article shall apply to any recommendation to purchase, exchange, or replace an annuity made to a consumer that results in the purchase, exchange, or...
Section 10509.912.
Unless otherwise specifically included, this article shall not apply to transactions involving any of the following:(a) Direct response solicitations where there is no recommendation based on...
Section 10509.913.
(a) “Annuity” means an annuity that is an insurance product under California law that is individually solicited, regardless of whether or not the product is classified...
Section 10509.914.
(a) In recommending to a consumer the purchase of an annuity or the exchange of an annuity that results in another insurance transaction or series of...
Section 10509.915.
(a) An insurance producer shall not solicit the sale of an annuity product unless the insurance producer has adequate knowledge of the product to recommend the...
Section 10509.916.
(a) An insurer is responsible for compliance with this article. If a violation occurs, either because of the action or inaction of the insurer or...
Section 10509.917.
(a) Insurers and insurance producers shall maintain or be able to make available to the commissioner records of the information collected from the consumer and other...
Section 10509.918.
The commissioner shall, from time to time as conditions warrant, after notice and hearing, adopt reasonable rules and regulations, and amendments and additions thereto, as...

Last modified: October 22, 2018