Section 27-4-9-3 - Suitability of annuity recommendations(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.As added by P.L. 138-2005, SEC.2. Amended by P.L. 131-2007, SEC.3.