20-1243. Definitions In this article, unless the context otherwise requires: 1. " Annuity" means an annuity that is individually solicited, whether the product is classified as an individual or group annuity. 2. " Business entity" has the same meaning prescribed in section 20-281. 3. " Cash compensation" means any discount, concession, fee, service fee, commission, […]
20-1243.01. Scope and limitation of article A. This article applies to any sale or recommendation of an annuity. B. This article does not: 1. Affect in any manner any provision of title 44, chapters 12 and 13. 2. Create or imply a private cause of action for a violation of this article or subject a […]
20-1243.02. Exemptions Unless otherwise specifically included, this article does not apply to recommendations involving: 1. Direct response solicitations if there is no recommendation based on information collected from the consumer pursuant to this article. 2. Contracts used to fund any of the following: (a) An employee pension or welfare benefit plan that is covered by […]
20-1243.03. Duties of insurers and producers; definitions A. When a producer makes a recommendation of an annuity, the producer shall act in the best interest of the consumer under the circumstances known at the time the recommendation is made, without placing the producer’s or the insurer’s financial interest ahead of the consumer’s interest. The producer […]
20-1243.04. Standards for supervision A. An insurer shall either assure that a system to supervise recommendations that is reasonably designed to achieve compliance with this article is established and maintained by complying with subsections C, D and E, or establish and maintain such a system. Such a system includes: 1. Maintaining written procedures. 2. Conducting […]
20-1243.05. Compliance; enforcement; penalties A. An insurer is responsible for compliance with this article. If a violation occurs, either because of the action or inaction of the insurer or its producer, the director may order: 1. The insurer to take reasonably appropriate corrective action for any consumer who is harmed by a failure to comply […]
20-1243.06. Recordkeeping A. Insurers, general agents, independent agencies, business entities and producers shall maintain, or be able to make available to the director, records of the information collected from the consumer, disclosures made to the consumer, including summaries of oral disclosures, and other information used in making the recommendations that were the basis for insurance […]
20-1243.07. Producer training; annuities; continuing education A. A producer may not solicit the sale of an annuity product unless the producer has adequate knowledge of the product to recommend the annuity and the producer is in compliance with the insurer’s standards for product training. A producer may rely on insurer-provided product-specific training standards and materials […]
