Key Takeaways
- Utah requires suitability analysis before recommending annuities
- Annuity replacements require detailed comparison disclosures
- Producers must document the basis for annuity recommendations
- Utah follows NAIC model annuity regulations
- Senior-specific protections apply to annuity sales
Last updated: January 2026
Utah Annuity Regulations
Utah has adopted comprehensive annuity regulations to protect consumers from unsuitable sales.
Suitability Requirements
Utah follows the NAIC Suitability in Annuity Transactions Model Regulation:
Producer Duties
Before recommending an annuity, the producer must:
- Make reasonable efforts to obtain customer information
- Analyze whether the recommendation is suitable
- Document the basis for the recommendation
- Disclose all material information about the product
Required Information
| Category | Information Required |
|---|---|
| Financial Status | Income, liquid assets, financial needs |
| Tax Status | Tax bracket, qualified vs. non-qualified funds |
| Investment Objectives | Goals, time horizon, risk tolerance |
| Existing Coverage | Current annuities and life insurance |
| Liquidity Needs | Expected need for funds |
Replacement Requirements
When replacing an existing annuity, producers must:
- Provide comparison of existing and proposed contracts
- Document suitability of replacement
- Disclose surrender charges and other costs
- Provide notice to existing insurer
Test Your Knowledge
What must a Utah producer obtain before recommending an annuity?
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