House Bill 79 - Annuity Consumer Protections Act

• Repeals existing suitability rules and establishes a comprehensive "Annuity Consumer Protections Act" requiring producers to act in consumers' best interest when recommending annuities without placing their own financial interests ahead of consumers.

• Requires producers to obtain consumer profile information (age, income, financial situation, insurance needs, objectives, risk tolerance, etc.) and provide written disclosures about their licensing, insurer relationships, and compensation before recommending annuities.

• Mandates insurers establish supervision systems to review recommendations for suitability, detect non-compliant recommendations, provide producer training on annuity products and sales practices, and eliminate sales contests based on specific products.

• Requires producers to complete a one-time 4-credit approved training course on annuity types, taxation, contract features, and sales practices; individuals obtaining life insurance licenses after July 1, 2021 must complete the course before selling annuities.

• Excludes certain transactions (ERISA plans, government plans, prepaid funeral contracts) from requirements and specifies no private right of action exists for violations; authorizes director to order corrective action and impose sanctions for violations.