Texas Statutes
Subchapter B. Duties of Insurers and Agents
Section 1115.0516. Documentation Obligation

Sec. 1115.0516. 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.

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