MN HF4394

Replaces "suitability" standard with "best interest" obligation requiring insurance producers to act in consumers' best interest and not prioritize their own financial interests when recommending annuities.

Establishes comprehensive "consumer profile information" requirements including age, income, financial situation, insurance needs, objectives, and liquidity needs that producers must gather before recommending annuities.

Expands disclosure obligations requiring producers to prominently disclose their licensing authority, product types authorized to sell, compensation sources and amounts (upon request), and annuity features including surrender charges and fees.

Prohibits sales contests, quotas, and compensation based on volume of specific annuity sales within limited timeframes; strengthens insurer supervision systems with elevated individual review required for consumers age 65 and older.

Requires insurance producers to complete four-credit annuity training course covering best interest standards, sales practices, and disclosure requirements; existing producers must complete additional training by July 1, 2023.