Stricken language would be deleted from and underlined language would be added to present law.
1 State of Arkansas
2 93rd General Assembly A Bill
3 Regular Session, 2021 SENATE BILL 112
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5 By: Senator Teague
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7 For An Act To Be Entitled
8 AN ACT CONCERNING SUITABILITY IN ANNUITY CONTRACT
9 TRANSACTIONS; AND FOR OTHER PURPOSES.
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12 Subtitle
13 CONCERNING SUITABILITY IN ANNUITY
14 CONTRACT TRANSACTIONS.
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17 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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19 SECTION 1. Arkansas Code Title 23, Chapter 66, Subchapter 3, is
20 amended to add an additional section to read as follows:
21 23-66-322. Suitability in annuity contract transactions.
22 (a) An insurance producer who is selling an annuity contract or
23 recommending the purchase, exchange, or replacement of an annuity contract to
24 a consumer:
25 (1) Shall exercise good faith and act in a reasonable manner;
26 and
27 (2) Is not required to adhere to a best interest standard or the
28 standards governing the conduct of a fiduciary or a fiduciary relationship.
29 (b) A cause of action shall not be brought against an insurance
30 producer by a consumer under a best interest standard or the standards
31 governing the conduct of a fiduciary or a fiduciary relationship for the sale
32 or recommendation of the purchase, exchange, or replacement of an annuity
33 contract to the consumer.
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