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Notice of Regulation Hearing

to be held May 16, 2006

Contact: Elizabeth Bookwalter, Assistant Attorney General

334-241-4122

3/29/2006

 

Notice is hereby given that a hearing will be held at 10:00 A.M. on Tuesday, May 16, 2006, in the offices of the Alabama Department of Insurance, 201 Monroe Street, Suite 1700, RSA Tower, Montgomery, Alabama, as follows:

 

Revision of Rule .05 of Regulation No.129 [Chapter 482-1-129], which is known as the Annuity Disclosure Regulation, so as to amend the existing Rule to include a new paragraph where the annuity contract for which application is made explicitly provides for a free look period of no less than (15) days, the Buyer’s Guide and disclosure document may be delivered either with the contract or at any time prior to delivery of the contract.  (5 pages)

 

Adoption of proposed new Regulation No. 137 [Chapter 482-1-137], to be known as the Suitability Protection In Annuity Transaction.  The purpose of the new regulation is to set forth standards and procedures for recommendations for consumers that result in a transaction involving annuity products.  (13 pages)

 

Any person wishing to submit testimony at said hearing is requested to submit said testimony in writing to the Alabama Department of Insurance, Attention: Legal Division, Post Office Box 303351, Montgomery, Alabama 36130-3351.  Any written submission of testimony prior to the hearing will not preclude anyone from making an oral or written presentation at the hearing. 

 

A copy of the regulations may be obtained by written request to the Alabama Department of Insurance, Post Office Box 303351, Montgomery, Alabama 36130-3351.  The request must include payment of one dollar per page and a self-addressed, postage paid return envelope.  An unofficial copy may also be obtained at no charge via electronic mail.  You may send an e-mail request to shawn.stewart@insurance.alabama.gov.