Current through Register Vol. 63, No. 12, December 1, 2024
(1)
(a)
Except as provided in OAR
836-080-0172(1)(b),
OAR 836-080-0170 to
836-080-0190 applies to any sale
or recommendation of an annuity.
(b) OAR
836-080-0170 to
836-080-0190 does not apply to
the transactions described in ORS
743.262(2)(b).
(2) A producer, before making a
recommendation of or selling an annuity to a consumer, shall make the
disclosures required under ORS
743.262(5)(a)
by means of a form substantially similar to the form identified as "Insurance
Agent (Producer) Disclosure for Annuities - Exhibit 1" on the Department of
Consumer and Business Services website at dfr.oregon.gov.
(3) In addition to making the disclosures
required under OAR 836-080-0172(2),
a producer, at the time the producer recommends or sells an annuity to a
consumer, shall:
(a) Provide the consumer a
copy of the record of the producer's annuity recommendation, including the
basis of how the producer determined the recommendation as required by ORS
743.262(4)(a)(D),
ORS 743.262(5)(b),
and ORS 743.262(7)(a);
and
(b) If a consumer refuses to
provide consumer profile information specified in ORS
743.262(1)(d),
obtain the signed statement required under ORS
743.262(7)(b)(A)
by means of a form substantially similar to the forms identified as "Consumer
Refusal to Provide Information - Exhibit 2" on the Department of Consumer and
Business Services website at dfr.oregon.gov; and
(c) If a consumer enters into an annuity
transaction that is not based on a producer's recommendation, obtain the signed
statement required under ORS
743.262(7)(b)(B)
by means of a form substantially similar to the form identified as "Consumer
Decision to Purchase an Annuity Not Based on a Recommendation - Exhibit 3" on
the Department of Consumer and Business Services website at
dfr.oregon.gov.
Statutory/Other Authority: ORS
731.244 &
743.262
Statutes/Other Implemented: ORS
746.100,
746.110,
746.240 &
743.262
