How annuities work (accumulation and payout, fixed, indexed and variable products, payout options and taxation) is covered in the national Annuities guide. This guide covers Ohio's annuity rules: the best interest standard (O.A.C. 3901-6-13), annuity training, disclosure and free look (O.A.C. 3901-6-14), replacement and guaranty limits.

Best interest (O.A.C. 3901-6-13)

• Since 2021, an agent recommending an annuity must act in the consumer's best interest, without putting the agent's or insurer's financial interest ahead of the consumer's.
• The agent meets the standard by satisfying the care, disclosure, conflict of interest and documentation obligations.
• Agents must complete a one-time four-credit annuity training course from an approved CE provider before soliciting annuities (3901-6-13(G)(2)).

Disclosure and free look (O.A.C. 3901-6-14)

• When the buyer's guide and disclosure document aren't given at application, they must be sent no later than five business days after the completed application is received.
• In that case, the contract must have a free look of at least 15 days, which runs at the same time as any other free look under state law. Ohio has no separate free look for older annuity buyers.

Replacement

When an annuity replaces existing coverage, Ohio's replacement rule (O.A.C. 3901-6-05) applies, including a 30-day unconditional right to return the new contract. For a variable contract, the refund is the account value plus charges.

Variable annuities

Variable annuities need the variable life and variable annuity line of authority, a separate appointment and FINRA registration (R.C. 3905.06, 3905.20).

Guaranty limits

OLHIGA covers annuities up to $250,000 in present value per individual per insurer (R.C. 3956.04).

Common exam traps

• Best interest since 2021, with four obligations.
• Training: one-time four credits before soliciting annuities.
• Disclosure within 5 business days when not given at application, and then a 15-day free look.
• Replacement free look: 30 days.
• Guaranty limit: $250,000.