OH HB512

Department of Commerce shall establish guidelines for licensed agents and brokers regarding solicitation, access, and requirements for annuity contracts and custodial accounts for state higher education employees under section 9.90 of the Revised Code.

Department shall maintain a registry of licensed agents and brokers who have agreed to the guidelines and a separate registry of available annuity contracts and custodial accounts with specified information including product features, costs and fees, financial strength ratings, administrative services, and third-party payments.

Department shall remove agents, brokers, insurance companies, or custodians from the respective registries if they submit materially inaccurate information or if an agent's or broker's license is revoked.

Employees have the right to designate any agent or broker on the registry and purchase any annuity or custodial account on the registry, and state institutions must comply with employee designations and arrange the requested purchases.

Agents, brokers, insurance companies, and custodians are prohibited from transferring funds to third parties without express written consent from the institution of higher education; provisions apply only to section 403(b) compliant products.