Montana Code 33-20-802. Purpose — scope
33-20-802. Purpose — scope. (1) The purpose of this part is to require producers to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed.
Terms Used In Montana Code 33-20-802
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Annuity: means a fixed annuity that is individually solicited, regardless of whether the product is classified as an individual or group annuity. See Montana Code 33-20-804
- Fiduciary: A trustee, executor, or administrator.
- Recommendation: means advice provided by a producer to an individual consumer that was intended to result or does result in a purchase, an exchange, or a replacement of an annuity in accordance with that advice. See Montana Code 33-20-804
(2)This part applies to any sale or recommendation of an annuity.
(3)Nothing in this part may be construed to create or imply a private cause of action for a violation of this part or to subject a producer to civil liability under the best interest standard of care outlined in 33-20-805 or under standards governing the conduct of a fiduciary or a fiduciary relationship.