[Part VII.]  SUITABILITY INANNUITY TRANSACTIONS

 

Cross References

 

  Variable contracts, see §431:10D-118.

 

[§431:10D-621]  Scope.  (a)  This partapplies to any recommendation to purchase or exchange an annuity made to aconsumer by an insurance producer, or an insurer where no producer is involved,that results in the purchase or exchange recommended.

(b)  This part does not apply torecommendations involving:

(1)  Direct-response solicitations where there is norecommendation based on information collected from the consumer pursuant tothis part; or

(2)  Contracts used to fund:

(A)  An employee pension or welfare benefitplan that is covered by the Employee Retirement and Income Security Act;

(B)  A plan described by sections 401(a),401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code of 1986, asamended, if established or maintained by an employer;

(C)  A government or church plan defined insection 414 of the Internal Revenue Code of 1986, as amended, a government orchurch welfare benefit plan, or a deferred compensation plan of a state orlocal government or tax exempt organization under section 457 of the InternalRevenue Code of 1986, as amended;

(D)  A non-qualified deferred compensationarrangement established or maintained by an employer or plan sponsor;

(E)  Settlements of or assumptions ofliabilities associated with personal injury litigation or any dispute or claimresolution process; or

(F)  Formal prepaid funeral contracts.

[(c)]  Nothing in this [part] shall beconstrued to affect in any manner any provision of chapter 485A. [L 2007, c257, pt of §2, §§4, 5, 9]

 

Revision Note

 

  Subsection (c) is codified to this section pursuant to§23G-15 and edited to exclude the words, "Hawaii Revised Statutes".