Or. Admin. Code § 836-080-0172

Current through Register Vol. 63, No. 11, November 1, 2024

Section 836-080-0172 - Applicability and Disclosure Forms

(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.

(b) OAR 836-080-0170 to 836-080-0190 does not apply to the transactions described in ORS 743.262(2)(b).

(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) 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:

(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

(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

(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.

Or. Admin. Code § 836-080-0172

ID 2-2011, f. & cert. ef. 2-4-11; ID 54-2023, temporary amend filed 12/20/2023, effective 1/1/2024 through 6/28/2024; ID 19-2024, amend filed 08/12/2024, effective 8/12/2024

Statutory/Other Authority: ORS 731.244 & 743.262

Statutes/Other Implemented: ORS 746.100, 746.110, 746.240 & 743.262