(a) A producer shall at the time of recommendation or sale:

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Terms Used In Hawaii Revised Statutes 431:10D-630

  • 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.
(1) Make a written record of any recommendation and the basis for the recommendation subject to this part;
(2) Obtain a consumer signed statement on a form substantially similar to Appendix B of the Spring 2020, National Association of Insurance Commissioners Suitability in Annuity Transactions Model Regulation, documenting:

(A) A consumer’s refusal to provide the consumer profile information, if any; and
(B) A consumer’s understanding of the ramifications of not providing the consumer’s consumer profile information or providing insufficient consumer profile information; and
(3) Obtain a consumer signed statement on a form substantially similar to Appendix C of the Spring 2020, National Association of Insurance Commissioners Suitability in Annuity Transactions Model Regulation, acknowledging the annuity transaction is not recommended if a consumer decides to enter into an annuity transaction that is not based on the producer’s recommendation.
(b) Any requirement applicable to a producer under this part shall apply to every producer who has exercised material control or influence in the making of a recommendation and has received direct compensation as a result of the recommendation or sale, regardless of whether the producer has had any direct contact with the consumer. Activities such as providing or delivering marketing or educational materials, product wholesaling or other back office product support, and general supervision of a producer do not, in and of themselves, constitute material control or influence.

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