IC 27-4-9-3: Suitability of annuity recommendations

Sec. 3. (a) An insurance producer, or an insurer in a case in which an insurance producer is not involved, shall not recommend to a consumer the:

(1) purchase of an annuity; or

(2) exchange of an annuity that results in another insurance transaction;

that is unsuitable for the consumer.

(b) A determination regarding whether a purchase or an exchange under subsection (a) is unsuitable for a consumer must be made:

(1) based on the facts disclosed by the consumer concerning the consumer's:

(A) investments and other insurance products; and

(B) financial situation and needs; and

(2) according to the rule adopted under section 4 of this chapter.