Section 431:10D-603 - Standards for the disclosure document and buyer's guide(a) Where the application for an annuity contract is taken: (1) In a personal meeting, both the buyer's guide and disclosure document shall be given to the applicant at or before the time of application;(2) By means other than in a personal meeting, both the buyer's guide and disclosure document shall be sent to the applicant no later than five business days after the completed application is received by the insurer;(3) By means of a direct solicitation through the mail, providing both the buyer's guide and disclosure document in the mailing inviting the prospective applicant to apply for the annuity contract shall be deemed to satisfy the requirement that the buyer's guide and disclosure statement be provided no later than five business days after receipt of the application; and(4) By means of the insurer's internet website, the insurer's reasonable steps to make the buyer's guide available for viewing and printing on the insurer's website shall be deemed to satisfy the requirement that the buyer's guide and disclosure statement be provided no later than five business days after receipt of the application.(b) A solicitation for an annuity contract provided in other than a personal meeting shall include a statement that the prospective applicant may contact the insurance division for a free buyer's guide. In lieu of the foregoing statement, an insurer may include a statement that the prospective applicant may contact the insurer for a free buyer's guide.(c) If the buyer's guide and disclosure document are not provided at or before the time of application, a free-look period of no less than fifteen days shall be provided for the applicant to return the annuity contract without penalty, which period shall run consecutively with any other free-look period provided by law.(d) The disclosure document shall include at least the following information: (1) The generic name of the contract;(2) The company product name, if different from the generic name;(4) The fact that the product is an annuity;(5) The insurer's name and address;(6) A description of the contract and its benefits, which shall emphasize its long-term nature and include examples, where appropriate, such as: (A) The guaranteed, non-guaranteed, and determinable elements of the contract, their limitations, if any, and an explanation of how they operate; and(B) 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;(7) Periodic income options on both a guaranteed and non-guaranteed basis;(8) Any value reductions caused by withdrawals from or surrender of the contract;(9) How values in the contract can be accessed;(10) The death benefit, if available, and how it will be calculated;(11) A summary of the federal tax status of the contract and any penalties applicable on withdrawal of values from the contract;(12) The effect of any rider, such as a long-term-care rider;(13) A listing of specific dollar-amount or percentage charges and fees and an explanation of how they apply; and(14) Information about the current guaranteed rate for new contracts that contains a clear notice that the rate is subject to change.(e) Insurers shall define terms used in the disclosure statement in language that facilitates comprehension by the average person within the segment of the public to which the disclosure statement is directed. L 2006, c 71 , pt of §1; am L 2010, c 116, §1(21) .