Arizona Revised Statutes Title 20. Insurance Section 20-1243.03. Read the code on FindLaw
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A. When a producer makes a recommendation of an annuity, the producer shall act in the
best interest of the consumer under the circumstances known at the time the recommendation
is made, without placing the producer's or the insurer's financial interest ahead
of the consumer's interest. The producer has acted in the best interest of the consumer if the producer has
satisfied the obligations regarding care, disclosure, conflict of interest and documentation
prescribed in this section.
(a) Is not required to analyze or consider any product outside the producer's authority
and license or other possible alternative products or strategies that are available
in the market at the time of recommendation.
(a) The consumer will incur a surrender charge, be subject to the commencement of
a new surrender period, lose existing benefits, such as death, living or other contractual
benefits, or be subject to increased fees, investment advisory fees or charges for
riders and similar product enhancements.
C. The requirements under the best interest and care obligations under subsections A
and B of this section do not create a fiduciary obligation or relationship and only
create a regulatory obligation as established in this article.
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