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.