Hawaii Revised Statutes 431:10D-602 – Applicability of standards for disclosure
This part shall apply to all group and individual annuity contracts and certificates, except:
Terms Used In Hawaii Revised Statutes 431:10D-602
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Non-guaranteed elements: means :
(1) Premiums;
(2) Credited interest rates, including any bonus;
(3) Benefits;
(4) Values;
(5) Non-interest-based credits;
(6) Charges; or
(7) Elements of formulas used to determine any of the above, which are subject to company discretion and are not guaranteed at issue. See Hawaii Revised Statutes 431:10D-601
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
provided that this part shall apply to annuities used to fund a plan or arrangement that is funded solely by contributions that an employee elects to make on a pre-tax or after-tax basis, and where the insurance company has been notified that plan participants may choose from among two or more fixed annuity providers and there is a direct solicitation of an individual employee by a producer for the purchase of an annuity contract.
For the purposes of this paragraph, “direct solicitation” does not include any meeting held by a producer solely for the purpose of educating or enrolling employees in the plan or arrangement;