Section 1115.0516 - Documentation Obligation At the time of the recommendation or sale, an agent shall:
(1) make a written record of the recommendation and the basis for the recommendation;(2) if applicable, obtain a statement signed by the consumer on a form prescribed by the commissioner by rule that is substantially similar to the National Association of Insurance Commissioners Consumer Refusal to Provide Information form documenting: (A) a consumer's refusal to provide consumer profile information; and(B) a consumer's understanding of the ramifications of failing to provide consumer profile information or providing insufficient consumer profile information; and(3) if a consumer decides to enter into an annuity transaction that is not based on the agent's recommendation, obtain a statement signed by the consumer on a form prescribed by the commissioner by rule that is substantially similar to the National Association of Insurance Commissioners Consumer Decision to Purchase an Annuity Not Based on a Recommendation, acknowledging that the annuity transaction is not recommended.Tex. Ins. Code § 1115.0516
Added by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. 262,Sec. 9, eff. 9/1/2021.