TITLE 760 DEPARTMENT OF INSURANCE

Under IC 4-22-2-23, the Department of Insurance intends to adopt a rule concerning the following:

OVERVIEW: Amends 760 IAC 1-72 concerning suitability in annuity transactions. Requires insurance producers to act in the best interest of consumers when making a recommendation of an annuity. Requires insurers to establish, maintain, and utilize a system to supervise recommendations of annuities so that the insurance needs of consumers at the time of the transaction are effectively addressed. Mandates additional training for insurance producers selling annuities. Adds disclosure form requirements. Questions concerning the proposed rule may be addressed to the Small Business Regulatory Coordinator for this rule. Statutory authority: IC 27-4-9-4.

For purposes of IC 4-22-2-28.1, the Small Business Regulatory Coordinator for this rule is:

Meggan Brumbaugh

General Counsel

Indiana Department of Insurance

311 West Washington Street, Suite 103

Indianapolis, IN 46204

(317) 234-6476

mbrumbaugh@idoi.in.gov

For purposes of IC 4-22-2-28.1, the Small Business Ombudsman designated by IC 5-28-17-6 is:

Matthew Jaworowski

Small Business Ombudsman

Indiana Economic Development Corporation

One North Capitol, Suite 700

Indianapolis, IN 46204

(317) 650-0126

majaworowski@iedc.in.gov

Resources available to regulated entities through the small business ombudsman include the ombudsman's duties stated in IC 5-28-17-6, specifically IC 5-28-17-6(9), investigating and attempting to resolve any matter regarding compliance by a small business with a law, rule, or policy administered by a state agency, either as a party to a proceeding or as a mediator.

DIN: 20230621-IR-760230518NIA

Composed: May 19,2024 6:14:01PM EDT

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