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Indiana Code Title 27. Insurance § 27-4-9-3

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 3. (a) An insurance producer, or an insurer in a case in which an insurance producer is not involved, shall not recommend to a consumer the:

(1) purchase of an annuity;  or

(2) exchange of an annuity that results in another insurance transaction;

that is unsuitable for the consumer.

(b) A determination regarding whether a purchase or an exchange under subsection (a) is unsuitable for a consumer must be made:

(1) based on the facts disclosed by the consumer concerning the consumer's:

(A) investments and other insurance products;  and

(B) financial situation and needs;  and

(2) according to the rule adopted under section 4 of this chapter.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-4-9-3 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-4-9-3/

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