Fiduciary Anil Vazirani supports & promotes Annuity consumer protection bill

February 7, 2019Financial Advisor Scottsdale AzRetirement Planning Scottsdale

https://www.retirementplanningscottsdale.com/2019/02/07/fiduciary-anil-vazirani-supports-promotes-annuity-consumer-protection-bill/ Fiduciary Anil Vazirani supports & promotes Annuity consumer protection bill SB 1534 that was Introduced by Senators Brophy McGee: Boyer, Bradley, Gowan, Gray, Leach, Navarrete, Otondo, Quezada; Representatives Bolding, Cano, Chávez, Hernandez A, Jermaine, Meza, Terán, Thorpe

SB 1534 is an ACT AMENDING SECTION 20-1242.02, ARIZONA REVISED STATUTES; AMENDING TITLE 20, CHAPTER 6, ARTICLE 1.2, ARIZONA REVISED STATUTES, BY ADDING SECTION 20-1242.06; RELATING TO ANNUITY DISCLOSURE to read: Be it enacted by the Legislature of the State of Arizona: Section 1. Section 20-1242.02, Arizona Revised Statutes, is amended to read:

20-1242.02. Standards for the disclosure document, illustration and buyer’s guide; retention

A. If the application for an annuity contract is taken in a face-to-face meeting, the applicant, at or before the time of application, shall be given both the disclosure document and the buyer’s guide in the form prescribed by the director. THE INSURER AND THE INSURANCE PRODUCER SELLING A FIXED-INDEX ANNUITY SHALL RETAIN COPIES OF THE DISCLOSURE DOCUMENT, ILLUSTRATIONS AND THE BUYER’S GUIDE AND ALL OTHER FORMS OF ADVERTISING FOR THE DURATION OF THE FIXED-INDEX ANNUITY OR TEN YEARS, WHICHEVER IS SHORTER.

And:

Sec. 2. Title 20, chapter 6, article 1.2, Arizona Revised Statutes, is amended by adding section 20-1242.06, to read:

20-1242.06. Fixed-index annuities; indexing; illustrations

A. IF AN INDEX USED IN DETERMINING A FIXED-INDEX ANNUITY ACCOUNT VALUE HAS NOT EXISTED FOR AT LEAST TEN CALENDAR YEARS, THE INDEX MAY NOT BE USED TO ILLUSTRATE THE FIXED-INDEX ANNUITY ACCOUNT VALUE.

B. THE ILLUSTRATION FOR A FIXED-INDEX ANNUITY SHALL BE LABELED WITH THE DATE ON WHICH IT WAS PREPARED AND SIGNED BY THE CONSUMER AND SHALL BE RETAINED PURSUANT TO SECTION 20-1242.02.

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