Annuity Disclosure Act

The act governs how insurers and producers present information to consumers who are considering or who own annuity contracts. It requires that prospective buyers receive a disclosure document describing the contract's features, along with a buyer's guide, and sets minimum standards for what those materials must contain and how they are delivered. It further obligates insurers to send periodic reports to contract owners on the status of their annuities, and provides for penalties against those who fail to comply.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.