Insurance Regulation 41 - Annuity Disclosure
230-RICR-20-25-6 INACTIVE RULE
| 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.
