ND HB1160

Establishes suitability requirements for insurance producers and insurers recommending annuity purchases, exchanges, or replacements based on consumer financial information including age, income, assets, risk tolerance, and tax status.

Requires insurance producers selling annuities to complete a one-time, four-hour training course covering annuity types, tax implications, contract provisions, and appropriate sales practices; existing producers must complete training within 12 months of the bill's effective date.

Mandates insurers establish supervision systems with written procedures, periodic record reviews, product-specific training for producers, and pre-issuance review of recommendations to ensure suitability.

Prohibits insurance producers from dissuading consumers from providing suitability information, filing complaints, or cooperating with complaint investigations.

Allows the insurance commissioner to order corrective action and penalties against insurers, general agencies, independent agencies, or insurance producers who violate the chapter's requirements.