Title 26.1 — Insurance

Unless otherwise specifically included, this chapter does not apply to recommendations involving: 1. Direct response solicitations if there is no recommendation based on information collected from the consumer pursuant to this chapter; and 2. Contracts used to fund: a. An employe…

This chapter applies to a sale or recommendation of an annuity. This chapter may not be construed to create or imply a private cause of action for a violation of this chapter or to subject a producer to civil liability under the best interest standard of care outlined in section …

1. "Annuity" means an annuity that is an insurance product under state law which is individually solicited, whether the product is classified as an individual or group annuity. 2. "Cash compensation" means a discount, concession, fee, service fee, commission, sales charge, loan, …

1. A producer, if making a recommendation of an annuity, shall act in the best interest of the consumer under the circumstances known at the time the recommendation is made, without placing the producer's or the insurer's financial interest ahead of the consumer's interest. A pro…

1. A producer may not solicit the sale of an annuity product unless the producer has adequate knowledge of the product to recommend the annuity and the producer is in compliance with the insurer's standards for product training. A producer may rely on insurer-provided product-spe…

1. An insurer is responsible for compliance with this chapter. If a violation occurs, either because of the action or inaction of the insurer or the insurer's producer, the commissioner may order: a. An insurer to take reasonably appropriate corrective action for any consumer har…

1. Insurers, general agents, independent agencies, and producers shall maintain or be able to make available to the commissioner a record of the information collected from the consumer, disclosures made to the consumer, including summaries of oral disclosures, and other informati…