Bill Summary for H 784 (2017-2018)
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Bill: SUITABILITY IN ANNUITY.
Summary date:
Apr 12 2017
Bill Information:
| View NCGA Bill Details | 2017-2018 Session |
AN ACT TO IMPLEMENT REVISED MODEL REGULATIONS OF THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS GOVERNING RECOMMENDATIONS MADE TO CONSUMERS REGARDING THE PURCHASE OR EXCHANGE OF ANNUITIES.Intro. by Collins, Corbin.
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Bill summary
Requires the Department of Insurance (Department) to adopt rules substantially similar to the model regulation on suitability in annuity transactions (as revised in March 2010) issued by the National Association of Insurance Commissioners. Specifies that the rules are not subject to Part 3 of Article 2A of GS Chapter 150B (Administrative Procedure Act).
Makes a conforming repeal of Part 4 (Suitability in Annuity Transactions) of Article 60 of GS Chapter 58. Effective on the date that rules adopted, as required above, become effective.
Requires the Codifier of Rules to notify the Revisor of Statutes of the effective date of rules adopted as required by this act.