Senate Bill No. 226
Introduced By _______________________________________________________________________________
A Bill for an Act entitled: "An Act requiring an insurer to disclose to an applicant the type of annuity being sold and the settlement options available under the annuity contract."
Be it enacted by the Legislature of the State of Montana:
NEW SECTION. Section 1. Annuity disclosure. An insurer providing any type of an annuity contract to an applicant shall prepare a worksheet approved by the commissioner to be filled out and signed by the applicant and the agent representing the insurer. The worksheet must describe the type of annuity being sold and the settlement options available under the annuity contract, including disclosure of funds available for joint and survivor, period certain, and single life annuities.
NEW SECTION. Section 2. Codification instruction. [Section 1] is intended to be codified as an integral part of Title 33, chapter 20, part 3, and the provisions of Title 33, chapter 20, part 3, apply to [section 1].