South Dakota Codified Laws 58-33A-14. Recommendations to purchase or exchange annuities subject to requirements
Sections 58-33A-13 to 58-33A-27, inclusive, apply to any recommendation or sale of an annuity. The purpose of §§ 58-33A-13 to 58-33A-27, inclusive, is to require producers, as defined in § 58-33A-13, to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed. Nothing in §§ 58-33A-13 to 58-33A-27, inclusive, creates or implies a private cause of action for a violation of §§ 58-33A-13 to 58-33A-27, inclusive, or subjects a producer to civil liability under the best interest standard of care outlined in § 58-33A-16 or under standards governing the conduct of a fiduciary or a fiduciary relationship.
Terms Used In South Dakota Codified Laws 58-33A-14
- 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.
- Fiduciary: A trustee, executor, or administrator.
Source: SL 2008, ch 273, § 2; SL 2022, ch 186, § 2, eff. Jan. 1, 2023.