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.
2006 Acts, ch 1117, §25
Structure Iowa Code
Chapter 507B - INSURANCE TRADE PRACTICES
Section 507B.1 - Declaration of purpose.
Section 507B.3 - Unfair competition or unfair and deceptive acts or practices prohibited.
Section 507B.4 - Unfair methods of competition and unfair or deceptive acts or practices defined.
Section 507B.4A - Duty to respond to inquiries and prompt payment of claim.
Section 507B.4B - Suitability.
Section 507B.4C - Unclaimed life insurance.
Section 507B.5 - Favored agent or insurer — coercion of debtors.
Section 507B.6A - Summary orders.
Section 507B.7 - Orders and penalties.
Section 507B.7A - Administrative hearings.
Section 507B.8 - Judicial review of cease and desist orders.
Section 507B.9 - Sale of duplicate coverage prohibited.