Connecticut Annuity Regulations

Connecticut has adopted comprehensive annuity regulations to protect consumers from unsuitable sales.

Free Look Period

Connecticut provides a 10-day free look period for annuity contracts:

• Applies to all annuity types (fixed, variable, indexed)
• Buyer can return for full premium refund
• No penalty for exercising free look
• Period begins when contract is delivered
• Variable annuities may have market-adjusted refunds

Suitability Requirements

Connecticut follows the NAIC Suitability in Annuity Transactions Model Regulation:

Producer Duties

Before recommending an annuity, the producer must:

1. Make reasonable efforts to obtain customer information
2. Analyze whether the recommendation is suitable
3. Document the basis for the recommendation
4. Disclose all material information about the product

Required Information

Replacement Requirements

When replacing an existing annuity:

1. Comparison statement - Side-by-side comparison of old and new contract
2. Replacement form - Signed acknowledgment of replacement
3. Suitability analysis - Why replacement is appropriate
4. Notice to existing insurer - Notification of pending replacement