PART VII.SUITABILITY IN ANNUITY TRANSACTIONS

(a) This part applies to any recommendation or sale of an annuity .
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Terms Used In Hawaii Revised Statutes 431:10D-621

  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
(b) This part does not apply to transactions involving:

(1) Direct-response solicitations where there is no recommendation based on information collected from the consumer pursuant to this part; or
(2) Contracts used to fund:

(A) An employee pension or welfare benefit plan that is covered by the Employee Retirement Income Security Act of 1974, P.L. 93-406, as amended;
(B) A plan described by section 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code of 1986, as amended, if established or maintained by an employer;
(C) A government plan or church plan defined in section 414 of the Internal Revenue Code of 1986, as amended, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization subject to section 457 of the Internal Revenue Code of 1986, as amended; or
(D) A non-qualified deferred compensation arrangement established or maintained by an employer or plan sponsor;
(3) Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
(4) Formal prepaid funeral contracts.
(c) Nothing in this part shall be construed to affect in any manner any provision of chapter 485A.

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