[§431:10D-627] Care obligation of insurers and producers. (a) The producer, in making a recommendation, shall exercise reasonable diligence, care, and skill to:
(b) To fulfill the obligation under subsection (a), a producer shall:
(c) This section shall not be construed to create a fiduciary obligation or relationship and shall only create a regulatory obligation as established in this part.
(d) The consumer profile information, characteristics of the insurer, and product costs, rates, benefits, and features shall be those factors generally relevant in making a determination whether an annuity effectively addresses the consumer's financial situation, insurance needs, and financial objectives; provided that the level of importance of each factor may vary depending on the facts and circumstances of a particular case; provided further that each factor shall not be considered in isolation.
(e) A producer's obligation under subsection (a):
(f) In the case of an exchange or replacement of an annuity, the producer shall consider the whole transaction, including taking into consideration whether:
(g) Nothing in this part shall be construed to require a producer to obtain any license other than a producer license with the appropriate line of authority to sell, solicit, or negotiate insurance in this State, including but not limited to any securities license to fulfill the duties and obligations contained in this part; provided that the producer shall not give advice or provide services that are otherwise subject to securities laws or engage in any other activity requiring other professional licenses. [L 2022, c 58, pt of §2]