Michigan Compiled Laws 218-1956-41a Chapter 41a Annuity Recommendation To Consumers (500.4151...500.4165)

• Section 500.4151 Definitions.
  As used in this chapter: (a) "Annuity" means an annuity that is an insurance product under state law that is individually solicited, whether the...
• Section 500.4153 Scope Of Act.
  (1) This chapter applies to any recommendation to purchase, exchange, or replace an annuity made to a consumer by an insurance producer, or by...
• Section 500.4155 Purchase Or Exchange Of Annuity; Recommendations; Effort To Obtain Consumer's Suitability Information Required; Reasonable Basis; Exceptions; Duties Of Responsible Insurer Representative.
  (1) In recommending to a consumer the purchase of an annuity or the exchange of an annuity that results in another insurance transaction or...
• Section 500.4157 Repealed. 2012, Act 544, Eff. June 1, 2013.
  Compiler's Notes: The repealed section pertained to system to supervise recommendations of insurance providers.
• Section 500.4158 Insurer's Supervision System.
  (1) An insurer shall establish a supervision system that is reasonably designed to achieve the insurer's and its producers' compliance with this chapter, including,...
• Section 500.4159 Dissuading Consumer From Certain Acts Prohibited.
  A producer shall not dissuade, or attempt to dissuade, a consumer from any of the following: (a) Truthfully responding to an insurer's request for...
• Section 500.4160 Sale Of Annuities; Completion Of Training Course; Requirements.
  (1) A producer shall not solicit the sale of an annuity unless the producer has adequate knowledge of the product to recommend the annuity...
• Section 500.4161 Copy Of Annuity Policy.
  For a consumer purchasing an individual annuity, the consumer shall be given a copy of the annuity policy within a reasonable time after the...
• Section 500.4163 Records; Maintenance, Availability.
  (1) An insurer and an insurance producer shall maintain or be able to make available to the commissioner records of the information collected from...
• Section 500.4165 Applicability Of Subsections.
  (1) Subject to subsection (2), a sale made in compliance with financial industry regulatory authority requirements pertaining to suitability and supervision of annuity transactions...

Last modified: October 10, 2016