Recommendations to purchase or exchange annuities subject to requirements

Sections 58-33A-13 to 58-33A-27 , inclusive, apply to any recommendation or sale of an annuity. The purpose of §§ 58-33A-13 to 58-33A-27 , inclusive, is to require producers, as defined in § 58-33A-13 , to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed. Nothing in §§ 58-33A-13 to 58-33A-27 , inclusive, creates or implies a private cause of action for a violation of §§ 58-33A-13 to 58-33A-27 , inclusive, or subjects a producer to civil liability under the best interest standard of care outlined in § 58-33A-16 or under standards governing the conduct of a fiduciary or a fiduciary relationship. Source: SL 2008, ch 273 , § 2; SL 2022, ch 186 , § 2, eff. Jan. 1, 2023.