Texas § IN.1115.0516 - DOCUMENTATION OBLIGATION

§ IN.1115.0516. DOCUMENTATION OBLIGATION

DOCUMENTATION OBLIGATION. At the time of the recommendation or sale, an agent shall: (1) make a written record of the recommendation and the basis for the recommendation; (2) if applicable, obtain a statement signed by the consumer on a form prescribed by the commissioner by rule that is substantially similar to the National Association of Insurance Commissioners Consumer Refusal to Provide Information form documenting: (A) a consumer's refusal to provide consumer profile information; and (B) a consumer's understanding of the ramifications of failing to provide consumer profile information or providing insufficient consumer profile information; and (3) if a consumer decides to enter into an annuity transaction that is not based on the agent's recommendation, obtain a statement signed by the consumer on a form prescribed by the commissioner by rule that is substantially similar to the National Association of Insurance Commissioners Consumer Decision to Purchase an Annuity Not Based on a Recommendation, acknowledging that the annuity transaction is not recommended. Added by Acts 2021, 87th Leg., R.S., Ch. 262 (H.B. 1777 ), Sec. 9, eff. September 1, 2021.