Notice of Adoption of Amended Regulation 4-1-11 Concerning Best Interest Obligations and Supervision in Annuity Transactions and Notice of Re-adoption of Amended Regulation 8-1-2 Title Insurance Consumer Protection

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Notice of Adoption of Amended Regulation 4-1-11 Concerning Best Interest Obligations and Supervision in Annuity Transactions and Notice of Re-adoption of Amended Regulation 8-1-2 Title Insurance Consumer Protection

The Division would like to provide notice that the Commissioner has adopted the following amended regulation:

The purpose of this regulation is to require producers, as defined in this regulation, to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed.

This regulation is being amended to align with the National Association of Insurance Commissioners model regulation. 

This regulation will become effective November 1, 2022.

The Division would like to provide notice that the Commissioner has re-adopted the following amended regulation:

The purpose of this regulation is to ensure that consumers receive the benefits of competition in the area of title insurance and to ensure consumer protection. An amended version of this regulation, which included a reporting requirement if a title entity fails to issue a policy within the regulatory time frame of 90 days, was adopted by the Commissioner on July 25, 2022. The Division subsequently discovered an error in Section 5(O) of the regulation, which has been corrected. 

This regulation will become effective on September 14, 2022.

Regulations that have been adopted, but are not yet effective can be found on the Division's website via the following link:

 

DOI Regulations Adopted but not yet Effective 

 

Division bulletins and regulations can be found via the following link:

DOI Regulations and Bulletins

 

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