Section 58-33A-16.2 - Recommendation-Producer responsibilities-Applicability and intentThe requirements of § 58-33A-16.1:
(1) Apply to the particular annuity as a whole, the underlying subaccounts to which funds are allocated at the time of purchase or exchange of an annuity, and riders and similar product enhancements;(2) Create a regulatory obligation but do not create a fiduciary obligation or relationship;(3) Do not mean the annuity with the lowest one-time or multiple occurrence compensation structure shall necessarily be recommended; and(4) Do not mean the producer has ongoing monitoring obligations, although such an obligation may be separately owed under the terms of a fiduciary, consulting, investment advising, or financial planning agreement between the consumer and the producer.SL 2022, ch 186, §8, eff. Jan. 1, 2023.Added by S.L. 2022, ch. 186,s. 8, eff. 1/1/2023.