Key Takeaways
- West Virginia requires suitability analysis before recommending annuities
- Annuity replacements require detailed comparison disclosures
- Producers must document the basis for annuity recommendations
- West Virginia follows NAIC model annuity regulations
- Senior-specific protections apply to annuity sales
Last updated: January 2026
West Virginia Annuity Regulations
West Virginia has adopted comprehensive annuity regulations to protect consumers from unsuitable sales.
Suitability Requirements
West Virginia 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 |
Senior-Specific Protections
West Virginia provides additional protections for senior consumers:
- Enhanced suitability requirements for seniors
- Additional disclosure requirements
- Extended free look periods may apply
Test Your Knowledge
What must a West Virginia producer obtain before recommending an annuity?
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