NAC688A.465. Maintenance and availability of records or information regarding purchaser of recommended annuity.

     1. If a person purchases an annuity that was recommended to him or her by an insurer or producer of insurance, the insurer or producer of insurance that made the recommendation shall:

     (a) Maintain all records or information that it obtained from the person for making the recommendation for at least 7 years after the date on which the annuity was purchased; and

     (b) Make the records or information described in paragraph (a) available to the Commissioner, upon request, during that period.

     2. The records and information that are described in subsection 1 may be maintained by an insurer or producer of insurance on paper, on photographic, microprocessed, magnetic, mechanical or electronic media or by any other process that accurately maintains the records and information.

     (Added to NAC by Comm’r of Insurance by R076-05, eff. 2-23-2006)