What are the disclosure requirements for an annuity contract under Connecticut law?

Under Connecticut law, insurers are required to provide written statements that detail the fees, benefits, and risks associated with annuity contracts. This written disclosure is crucial because it ensures that consumers have a clear understanding of what they are purchasing, including any costs they may incur and the potential advantages or disadvantages of the annuity. This transparency helps consumers make informed decisions and better protects them from fraudulent practices or misunderstandings about the financial product they are considering.

The requirement for written disclosures can also include information about surrender charges, the interest credited, and the insurance company's financial stability, which are essential for a consumer to assess the overall value and suitability of the annuity for their financial situation. By mandating these disclosures, Connecticut law aims to promote transparency in the marketplace and facilitate more responsible consumer choices when it comes to retirement planning and investment options.