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§ 58-33A-17 Suitability information required before purchase or exchange of annuity.

SD Codified L § 58-33A-17 (2019) (N/A)
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58-33A-17. Suitability information required before purchase or exchange of annuity. Prior to the execution of a purchase or exchange of an annuity resulting from a recommendation, an insurance producer, or an insurer if no producer is involved, shall make reasonable efforts to obtain the consumer's suitability information. Suitability information includes:

(1) Age;

(2) Annual income;

(3) Financial situation and needs, including the financial resources used for the funding of the annuity;

(4) Financial experience;

(5) Financial objectives;

(6) Intended use of the annuity;

(7) Financial time horizon;

(8) Existing assets, including investment and life insurance holdings;

(9) Liquidity needs;

(10) Liquid net worth;

(11) Risk tolerance; and

(12) Tax status.Source: SL 2008, ch 273, § 5; SL 2012, ch 250, § 2.

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§ 58-33A-17.1 Reasonable basis to believe annuity is suitable based on suitability information.