Section 20-1242.02 - Standards for the disclosure document and buyer's guideA. If the application for an annuity contract is taken in a face-to-face meeting, the applicant, at or before the time of application, shall be given both the disclosure document and the buyer's guide in the form prescribed by the director.B. If the application for an annuity contract is taken by means other than in a face-to-face meeting, the applicant shall be sent both the disclosure document and the buyer's guide no later than five business days after the completed application is received by the insurer.C. With respect to an application received as a result of a direct solicitation through the mail: 1. Providing a buyer's guide in a mailing that invites prospective applicants to apply for an annuity contract is deemed to satisfy the requirement that the buyer's guide be provided no later than five business days after receipt of the application.2. Providing a disclosure document in a mailing that invites a prospective applicant to apply for an annuity contract is deemed to satisfy the requirement that the disclosure document be provided no later than five business days after receipt of the application.D. With respect to an application received through the internet:1. Taking reasonable steps to make the buyer's guide available for viewing and printing on the insurer's web site is deemed to satisfy the requirement that the buyer's guide be provided not later than five business days after receipt of the application.2. Taking reasonable steps to make the disclosure document available for viewing and printing on the insurer's web site is deemed to satisfy the requirement that the disclosure document be provided not later than five business days after receipt of the application.E. A solicitation for an annuity contract provided in other than a face-to-face meeting shall include a statement that the proposed applicant may contact the insurer for a free annuity buyer's guide.F. If the buyer's guide and disclosure document are not provided at or before the time of application, a free look period of not less than fifteen days shall be provided for the applicant to return the annuity contract without penalty. This free look period shall run concurrently with any other free look period provided under statute.G. At a minimum, the following information shall be included in the disclosure document required to be provided under this article:1. The generic name of the contract, the company product name, if different, the form number and the fact that it is an annuity.2. The insurer's name and address.3. A description of the contract and its benefits, emphasizing its long-term nature and including examples where appropriate.4. The guaranteed, nonguaranteed and determinable elements of the contract, their limitations, if any, and an explanation of how they operate.5. An explanation of the initial crediting rate, specifying any bonus or introductory portion, the duration of the rate and the fact that rates may change from time to time and are not guaranteed.6. The periodic income options both on a guaranteed and nonguaranteed basis.7. Any value reductions caused by withdrawals from or surrender of the contract.8. How values in the contract can be accessed.9. The death benefit, if available, and how it will be calculated.10. A summary of the federal tax status of the contract and any penalties applicable on withdrawal of values from the contract.11. The impact of any rider, such as a long-term care rider.12. The specific dollar amount or percentage charges. Fees shall be listed with an explanation of how they apply.13. Information about the current guaranteed rate for new contracts that contains a clear notice that the rate is subject to change.