044-64 Wyo. Code R. § 64-3

Current through April 27, 2019

Section 64-3 - Definitions

(a) "Annuity," as set forth in W.S. § 26-1-102(iv), means an annuity that is an insurance product that is individually solicited, whether the product is classified as an individual or group annuity.

(b) "Continuing education credit" or "CE credit" means one continuing education credit as defined in W.S. § 26-9-231 et seq.

(c) "Provider" means an individual or entity that is approved to offer continuing education courses pursuant to Wyoming Department of Insurance Rules and Regulations, Chapter 20.

(d) "FINRA" means the Financial Industry Regulatory Authority or a succeeding agency.

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

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

(g) "Recommendation" means 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 placement of an annuity policy in accordance with that advice.

(h) "Replacement" means any transaction in which a new annuity is to be purchased, and it is known or should be known to the proposing producer, or the proposing insurer if there is no producer, that by reason of such transaction, an existing annuity has been or is to be:

(i) Lapsed, forfeited, surrendered, or otherwise terminated;

(ii) 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;

(iii) 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;

(iv) Reissued with any reduction in cash value; or

(v) Pledged as collateral or subjected to borrowing, whether in a single loan or under a schedule of borrowing over a period of time for amounts in the aggregate exceeding twenty-five percent (25%) of the loan value set forth in the policy.

(i) "Suitability information" means information that is reasonably appropriate to determine the suitability of a recommendation, including the following:

(i) Age;

(ii) Annual Income;

(iii) Financial situation and needs, including the financial resources used to fund the annuity;

(iv) Financial experience;

(v) Financial objectives;

(vi) Intended use of the annuity to be purchased;

(vii) Financial time horizon;

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

(ix) Liquidity needs;

(x) Liquid net worth;

(xi) Risk tolerance; and

(xii) Tax status.

044-64 Wyo. Code R. § 64-3

Amended, Eff. 2/22/2018.