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HOUSE BILL NO. 171
INTRODUCED BY G. MATTHEWS
BY REQUEST OF THE STATE AUDITOR
AN ACT REQUIRING THE INSURANCE COMMISSIONER TO ADOPT RULES PERTAINING TO LIFE INSURANCE POLICY ILLUSTRATIONS, ANNUITY DISCLOSURE, AND SALES ILLUSTRATIONS; AND AMENDING SECTION 33-20-101, MCA.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Life insurance policy and sales illustrations -- annuity disclosure -- rules. (1) (a) The commissioner shall adopt rules providing for and regulating life insurance policy illustrations, annuity disclosure, and sales illustrations that are marketed, issued, or issued for delivery to Montana residents.
(b) The rules must specify any types of life insurance or annuities that are exempt from the provisions of the rules.
(2) The rules must be designed to:
(a) protect life insurance and annuity consumers;
(b) foster consumer education;
(c) improve consumers' ability to understand the basic features of life insurance policies and annuities; and
(d) improve consumers' ability to select the most appropriate plan of life insurance or annuity.
(3) Rules that are adopted by the commissioner may not go beyond the scope of, or contain material differences from, the national association of insurance commissioners' life insurance illustrations, annuity disclosure, and sales model regulations.
(4) After the effective date of rules that are adopted pursuant to this section, a group or individual life insurance policy, certificate, or annuity may not be marketed, issued, or issued for delivery to a Montana resident unless the policy, certificate, or annuity conforms to the rules that are adopted pursuant to this section.
Section 2. Section 33-20-101, MCA, is amended to read:
"33-20-101. Scope. (1) Except as provided in subsection (2), parts 1 through 5 of this chapter apply only to contracts of life insurance and annuities, other than reinsurance, group life insurance, and group annuities.
(2) Sections 33-20-114,
and 33-20-131, and [section 1] also apply to group life insurance and group annuities."
Section 3. Codification instruction. [Section 1] is intended to be codified as an integral part of Title 33, chapter 20, and the provisions of Title 33, chapter 20, apply to [section 1].
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Latest Version of HB 171 (HB0171.ENR)
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