Section 58-33A-16.5 - Recommendation-Sale of annuity-Disclosure to consumerPrior to or at the time of the recommendation or sale of an annuity, the producer shall prominently disclose to the consumer on a form substantially similar to the form prescribed by the director and available on the division's website:
(1) A description of the scope and terms of the relationship with the consumer and the role of the producer in the transaction;(2) An affirmative statement on whether the producer is licensed and authorized to sell the following products: (b) Fixed indexed annuities;(f) Stocks and bonds; and(g) Certificates of deposit;(3) An affirmative statement describing the insurers the producer is authorized, contracted, appointed, or otherwise able to sell insurance products for using the following descriptions: (b) From two or more insurers; or(c) From two or more insurers although primarily contracted with one insurer;(4) A description of the sources and types of cash compensation and non-cash compensation to be received by the producer, including whether the producer is to be compensated for the sale of a recommended annuity by commission as part of premium or other remuneration received from the insurer, intermediary, or other producer or by fee as a result of a contract for advice or consulting services; and(5) A notice of the consumer's right to request additional information regarding cash compensation described in § 58-33A-16.6.SL 2022, ch 186, §12, eff. Jan. 1, 2023.Added by S.L. 2022, ch. 186,s. 12, eff. 1/1/2023.