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§ 58-33A-13 Definition of terms.

SD Codified L § 58-33A-13 (2019) (N/A)
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58-33A-13. Definition of terms. Terms used in §§ 58-33A-14 to 58-33A-27, inclusive, mean:

(1) "Annuity," a fixed annuity or variable annuity that is individually solicited, whether the product is classified as an individual or group annuity;

(2) "Insurer," a company required to be licensed under the laws of this state to provide insurance products, including annuities;

(3) "Insurance producer," a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities;

(4) "Recommendation," advice provided by an insurance producer, or an insurer where no producer is involved, to an individual consumer that results in a purchase or exchange of an annuity in accordance with that advice.Source: SL 2008, ch 273, § 1.

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§ 58-33A-14 Recommendations to purchase or exchange annuities subject to requirements.