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AR SB112
Bill
Status
10/15/2021
Primary Sponsor
Larry Teague
Click for details
AI Summary
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Adds new section 23-66-322 to Arkansas Code establishing suitability standards for insurance producers selling or recommending annuity contracts
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Insurance producers must exercise good faith and act in a reasonable manner when selling, exchanging, or replacing annuity contracts with consumers
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Insurance producers are not required to adhere to a best interest standard or fiduciary standards in annuity contract transactions
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Prohibits consumers from bringing legal action against insurance producers based on best interest or fiduciary standards for annuity contract sales or recommendations
Legislative Description
Concerning Suitability In Annuity Contract Transactions.
Last Action
Died in Senate Committee at Sine Die adjournment.
10/15/2021