Tex. Ins. Code Section 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.

Source: Section 1115.0516 — Documentation Obligation, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­1115.­htm#1115.­0516 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 1115.0516’s source at texas​.gov