20-1242. Definitions In this article, unless the context otherwise requires: 1. " Contract owner" means the owner named in the annuity contract or certificate holder in the case of a group annuity contract. 2. " Determinable elements" means elements that are derived from processes or methods that are guaranteed at issue and that are not […]
20-1242.01. Applicability and scope A. This article applies to all group and individual annuity contracts and certificates except: 1. Registered or nonregistered variable annuities or other registered products. 2. Immediate and deferred annuities that contain no nonguaranteed elements. 3. Annuities used to fund: (a) An employee pension plan that is covered by the employee retirement […]
20-1242.02. Standards for the disclosure document and buyer’s guide A. If the application for an annuity contract is taken in a face-to-face meeting, the applicant, at or before the time of application, shall be given both the disclosure document and the buyer’s guide in the form prescribed by the director. B. If the application for […]
20-1242.03. Report to contract owners For annuities in the payout period with changes in nonguaranteed elements and for the accumulation period of a deferred annuity, the insurer shall provide each contract owner with a report, at least annually, on the status of the contract that contains at least the following information: 1. The beginning and […]
20-1242.04. Penalties An insurer or insurance producer that violates this article is subject to penalties prescribed under sections 20-220, 20-295 and 20-456.
20-1242.05. Rules; exemption from rule making procedures A. The director may adopt rules that are necessary to implement the requirements of this article. B. The department is exempt from title 41, chapter 6, articles 3 and 5 for the purposes of adopting rules that establish the form and content of any consumer notices, disclosure forms, […]
