L&HMIhard
Under Michigan's 2022 annuity best-interest rule, which combination of producer obligations must be satisfied when recommending a replacement annuity to a consumer?
ACare, disclosure, and documentation only, with no conflict-of-interest obligation required when replacing an annuity
BDisclosure and documentation only, with no duty of care
Care, disclosure, conflict-of-interest, and documentation obligations
DA fiduciary duty equivalent to ERISA Section 404
Why this is the answer
Michigan's NAIC-275-aligned annuity rule requires producers to satisfy four obligations when recommending an annuity, including a replacement: a duty of care, disclosure of material facts, management of conflicts of interest, and documentation of the basis for the recommendation.
Studying for the MI Life & Health exam?
This question comes from our L&H bank. Take a free practice test — no signup.