Montana Code 33-20-308. Annuity information
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33-20-308. Annuity information. The commissioner shall promulgate rules prescribing information that must be delivered to prospective annuitants at the time of sale. The rules must address the following:
Terms Used In Montana Code 33-20-308
- 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.
- 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.
(1)the manner of delivery of the information;
(2)when the information must be delivered;
(3)by whom the information is to be delivered; and
(4)the contents of the information, including:
(a)the type of annuity being sold; and
(b)the settlement options available under the annuity contract.