California's annuity suitability statute (Ins. Code §§ 10509.9200-10509.9210, operative January 1, 2025) requires a producer who recommends an annuity to a consumer to act in accordance with what standard?

Why this is the answer

California adopted the best-interest version of the NAIC Suitability in Annuity Transactions Model Regulation (#275) through SB 263, codified at Ins. Code §§ 10509.9200-10509.9210 and operative January 1, 2025; the older suitability article, §§ 10509.910-10509.919, now reaches only recommendations made before that date. The new standard imposes four obligations on producers: (1) care — reasonable diligence on consumer profile and product features; (2) disclosure — material conflicts and cash/non-cash compensation; (3) conflict of interest — must be identified and mitigated, not just disclosed; (4) documentation — written rationale. This is stronger than a bare reasonable-basis suitability test but stops short of an ERISA fiduciary duty, and caveat emptor has no place in California insurance sales.