Issuance by insurer to be reasonable and address consumer needs

Except as permitted under §§ 58-33A-18 and 58-33A-19 , an insurer may not issue an annuity recommended to a consumer unless there is a reasonable basis to believe the annuity would effectively address the particular consumer’s financial situation, insurance needs, and financial objectives based on the consumer’s profile information. Source: SL 2022, ch 186 , § 19, eff. Jan. 1, 2023.