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MICHIGAN STATUTES AND CODES
Section 500.4155 - Purchase or exchange of annuity; recommendations; obligation to consumer; exceptions.
Act 218 of 1956
500.4155 Purchase or exchange of annuity; recommendations; obligation to consumer; exceptions.
Sec. 4155.
(1) In recommending to a consumer the purchase of an annuity or the exchange of an annuity that results in another insurance transaction or series of insurance transactions, the insurance producer, or the insurer where no producer is involved, shall have reasonable grounds for believing that the recommendation is suitable for the consumer on the basis of the facts disclosed by the consumer as to his or her investments and other insurance products and as to his or her financial situation and needs.
(2) Prior to the execution of a purchase or exchange of an annuity resulting from a recommendation, an insurance producer, or an insurer where no producer is involved, shall make reasonable efforts to obtain all of the following information:
(a) The consumer's financial status.
(b) The consumer's tax status.
(c) The consumer's investment objectives.
(d) Such other information used or considered to be reasonable by the insurance producer, or the insurer where no producer is involved, in making recommendations to the consumer.
(3) Except as provided under subsection (4), neither an insurance producer, nor an insurer where no producer is involved, shall have any obligation to a consumer under subsection (1) related to any recommendation if a consumer does any of the following:
(a) Refuses to provide relevant information requested by the insurer or insurance producer.
(b) Decides to enter into an insurance transaction that is not based on a recommendation of the insurer or insurance producer.
(c) Fails to provide complete or accurate information.
(4) An insurer or insurance producer's recommendation subject to subsection (1) shall be reasonable under all the circumstances actually known to the insurer or insurance producer at the time of the recommendation.
History: Add. 2006, Act 399, Imd. Eff. Sept. 29, 2006