Senate Bill No. 226

Introduced By doherty

A Bill for an Act entitled: An Act requiring the commissioner of insurance to promulgate rules prescribing information that must be delivered to a prospective annuitant at the time of sale.

STATEMENT OF INTENT

The intent of this bill is to require the commissioner of insurance to promulgate rules prescribing information that must be delivered to prospective annuitants at the time of sale. The rules must set forth the manner in which and by whom the information must be delivered. The rules must require that the prospective annuitant be informed of 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:

Section 1.  Annuity information. The commissioner shall promulgate rules prescribing information that must be delivered to prospective annuitants at the time of sale. The rules must address the following:

(1) the manner of delivery of the information;

(2) when the information must be delivered;

(3) by whom the information is to be delivered; and

(4) the contents of the information, including:

(a) the type of annuity being sold; and

(b) the settlement options available under the annuity contract.

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].

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