Idaho Bills

Repeals, adds to, and amends existing law to enact the Annuity Consumer Protections Act.

This purpose of this legislation is to adopt a recent NAIC model regulation in statute rather than rule which clarifies the obligations for insurance producers and insurers to act in the best interest of the consumer when making a recommendation of an annuity, to establish producer training expectations, and to require insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed. It also clarifies and simplifies the applicability of the annuity statutes in Chapter 19, Title 41, Idaho Code. Several of the provisions of the act besides the best interest standard are currently in IDAPA; this act moves those provisions to statute.