No. 32985 (5-year Review): Rule R590-229. Annuity Disclosure

DAR File No.: 32985
Filed: 09/22/2009 09:15:02 AM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

This rule was written under the authority of Subsection 31A-2-201(3)(a) authorizing the commissioner to write rules to implement Title 31A, the Insurance Code. Also, Section 31A-22-425 authorizes the commissioner to write rules establishing standards for buyer's guides and disclosures. Section R590-229-5 of the rule provides direction for appropriate buyer's guides and Section R590-229-6 sets the standards for disclosure documents.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

The department has received no written comments regarding this rule within the past five years.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

The department needs to continue this rule in force in order to provide standards for the disclosure of minimum information about annuity contracts to protect consumers by specifying the minimum information to be disclosed and the method of disclosing it in connection with the sale of annuity contracts. The rule also fosters consumer education by ensuring that purchasers of annuity contracts understand certain basic features of annuity contracts. The latter information is available in the buyer's guides referred to in this rule.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Insurance
Administration
450 N MAIN ST
SALT LAKE CITY, UT 84114-1201

Direct questions regarding this rule to:

• Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at [e-mail]

Effective:

09/22/2009

Authorized by:

Jilene Whitby, Information Specialist

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