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2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507B - INSURANCE TRADE PRACTICES
507B.4B - SUITABILITY.

        507B.4B  SUITABILITY.
         1.  A person shall not recommend to any individual the purchase,
      sale, or exchange of any annuity contract, or any rider, endorsement,
      or amendment thereto, unless the person has reasonable grounds to
      believe that the recommendation is suitable for the individual based
      on a reasonable inquiry into the individual's financial status,
      investment objectives, and other relevant information.
         2.  A person engaged in the business of annuities shall establish
      and maintain a system to monitor recommendations made that is
      reasonably designed to achieve compliance with subsection 1.
         3.  The commissioner shall adopt rules pursuant to chapter 17A
      establishing procedures and standards for implementation of the
      suitability requirements of subsection 1.
         Section History: Recent Form
         2006 Acts, ch 1117, §25

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