507B.4B Suitability. 1. A person shall not recommend to any individual the purchase, sale, or exchange of any annuity contract, or any rider, endorsement, or amendment thereto, unless the person hasreasonable grounds to believe that the recommendation is suitable for the individual basedon a reasonable inquiry into the individual’s financial status, investment objectives, and otherrelevant information. 2. A person engaged in the business of annuities shall establish and maintain a system to monitor recommendations made that is reasonably designed to achieve compliance withsubsection 1. 3. The commissioner shall adopt rules pursuant to chapter 17A establishing procedures and standards for implementation of the suitability requirements of subsection 1. 2006 Acts, ch 1117, §25 Sat Dec 23 00:39:19 2023 Iowa Code 2024, Section 507B.4B (17, 0)
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