Hearing Scheduled for March 13, 2006
Pursuant to the provisions of Chapter 30A, and in accordance with the authority granted to the Commissioner under Chapter 176D, of the Massachusetts General Laws, the Division of Insurance will hold a public hearing at 10:00 a.m. on Monday, March 13, 2006 at the offices of the Division of Insurance, Fifth Floor, One South Station, Boston, Massachusetts, 02110-2208.
The purpose of this hearing is to afford all interested parties an opportunity to provide oral and/or written testimony regarding new regulation, 211 CMR 96.00 , Consumer Protection in Annuity Transactions. The purpose of this regulation is to set forth standards and procedures for insurance producers, or insurers where no producer is involved, who make recommendations to consumers that result in a transaction involving annuity products to improve consumers' understanding of the annuity products for which recommendations have been made and so that the insurance needs and financial objectives of consumers at the time of the transaction are appropriately addressed.
Any person who wishes to testify concerning this regulation must file a Notice of Intent to Testify with the Division of Insurance on or before March 8, 2006. All other parties who wish to testify will be heard subsequent to those who notify the Division of Insurance in advance. Persons wishing to submit written comments may do so until the record of the hearing is closed. All submissions must be sent to: Docket Clerk, Hearings and Appeals, Division of Insurance, One South Station, Boston, Massachusetts, 02110-2208, and must refer to Docket No. G2005-08. Copies of the proposed new regulation may be obtained by contacting the Docket Clerk at the Division of Insurance.
Dated: January 31, 2006