Amend: OAR 836-051-0905, 836-080-0170, 836-080-0172, 836-080-0178, 836-080-0183, 836-080-0185, 836-080-0190
Repeal: OAR 836-080-0175, 836-080-0180, 836-080-0188
Rule summary: Senate Bill 536 (SB 536), codified at ORS 743.262, was adopted during the 2023 Legislative Session and establishes disclosure and care obligations for sales of annuities to prospective purchasers. SB 536 closely aligns with the National Association of Insurance Commissioners (NAIC) updated Model Regulation #275 - Suitability in Annuity Transactions Model Regulation.
In 2020, the NAIC revised Model Regulation #275 language by incorporating a consumer disclosure and care obligations for annuity sales, a higher level of consumer care compared to the previous product suitability standard. Under these standards, insurance producers, insurers, and securities-brokers must meet specific care obligation in recommending products to consumers by taking into account the circumstances known at the time an annuity product recommendation is made.
Filed: 8/12/2024
Effective: 08/12/2024
Documents:
Permanent Administrative Rule