South Dakota Codified Laws 58-33A-19.2. Producer obligations–Documentation–Time of recommendation or sale
A producer shall, at the time of the recommendation or sale:
(1) Make a written record of any recommendation and the basis for the recommendation subject to the obligations required in §§ 58-33A-13 to 58-33A-27, inclusive;
Terms Used In South Dakota Codified Laws 58-33A-19.2
- 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.
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) Obtain a consumer signed statement on a form substantially similar to the form prescribed by the director and available on the division’s website documenting:
(a) A customer’s refusal to provide the consumer profile information, if any;
(b) A customer’s understanding of the ramifications of not providing his or her consumer profile information or providing insufficient consumer profile information; and
(3) Obtain a consumer signed statement acknowledging the annuity transaction is not recommended if a customer decides to enter into an annuity transaction that is not based on the producer’s recommendation on a form substantially similar to a form prescribed by the director.
Source: SL 2022, ch 186, § 15, eff. Jan. 1, 2023.