Insurance Regulation 41 - Annuity Disclosure


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Title 230 Department of Business Regulation (includes the Office of the Health Insurance Commissioner)
Chapter 20 Insurance
Subchapter 25 Life and Annuities
Part 6 Insurance Regulation 41 - Annuity Disclosure
Type of Filing Adoption
Regulation Status Inactive
Effective 09/30/2009 to 02/18/2014

Regulation Authority:

R.I.Gen. Laws §§ 27-29-21 et seq., 42-14-17

Purpose and Reason:

The Department of Business Regulation (“Department”) hereby adopts amendments to Insurance Regulation 41 effective September 30, 2009 and makes this statement in accordance with R.I. Gen. Laws § 42-35-2.3. The Department makes these amendments in order to provide standards for the disclosure of certain minimum information about annuity contracts to protect consumers and foster consumer education. The regulation specifies the minimum information which must be disclosed and the method for disclosing it in connection with the sale of annuity contracts. The goal of this regulation is to ensure that purchasers of annuity contracts understand certain basic features of annuity contracts. The regulation is based upon the National Association of Insurance Commissioners Model with the goal of providing continuity with other states. There are no differences between the text of the proposed rule as published in accordance with R.I. Gen. Laws § 42-35-3 and the rule as adopted.