HI HB1051

Adopts the updated NAIC Suitability in Annuity Transactions Model Regulation (March 2010) to establish standards for insurers and insurance producers making annuity recommendations to consumers.

Requires insurance producers to complete a one-time training course on annuity products by January 31, 2012, including at least four continuing education credits covering annuity types, tax implications, sales practices, and disclosure requirements.

Establishes duties for insurers and producers to obtain consumer suitability information before recommending annuity purchases, exchanges, or replacements, and requires insurers to maintain supervision systems to ensure compliance.

Prohibits insurance producers from using senior-specific certifications or professional designations that misrepresent their qualifications or training in advising seniors regarding life insurance and annuity products.

Takes effect January 1, 2012, and implements federal Dodd-Frank Act protections for senior investors in the insurance market.