La. Admin. Code tit. 37 § XIII-11709
Annuity- an annuity that is an insurance product under State law that is individually solicited, whether the product is classified as an individual or group annuity.
FINRA-the Financial Industry Regulatory Authority or a succeeding agency.
Insurance Producer- a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities.
Insurer- a company required to be licensed under the laws of this state to provide insurance products, including annuities.
Recommendation-advice provided by an insurance producer, or an insurer where no producer is involved, to an individual consumer that results in a purchase, exchange, or replacement of an annuity in accordance with that advice.
Replacement-a transaction in which a new policy or contract is to be purchased, and it is known or should be known to the proposing producer, or to the proposing insurer if there is no producer, that by reason of the transaction, an existing policy or contract has been or is to be:
1. lapsed, forfeited, surrendered, or partially surrendered, assigned to the replacing insurer, or otherwise terminated;
2. converted to reduced paid-up insurance, continued as extended term insurance, or otherwise reduced in value by the use of nonforfeiture benefits, or other policy values;
3. amended so as to effect either a reduction in benefits or in the term for which coverage would otherwise remain in force or for which benefits would be paid;
4. reissued with any reduction in cash value; or
5. used in a financed purchase.
Suitability Information-information that is reasonably appropriate to determine the suitability of a recommendation, including the following:
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.
La. Admin. Code tit. 37, § XIII-11709