33-20-803. Exemptions. Unless otherwise specifically included, this part does not apply to recommendations involving:

Terms Used In Montana Code 33-20-803

  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
  • 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
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201

(1)direct response solicitations when there is no recommendation made based on information collected from the consumer pursuant to this part;

(2)contracts used to fund:

(a)an employee pension or welfare benefit plan that is covered by the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001, et seq.;

(b)a plan described by section 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code, 26 U.S.C. § 401(a), 401(k), 403(b), 408(k), or 408(p), if established or maintained by an employer;

(c)a governmental plan or church plan defined in section 414 of the Internal Revenue Code, 26 U.S.C. § 414, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax-exempt organization under section 457 of the Internal Revenue Code, 26 U.S.C. § 457;

(d)a nonqualified deferred compensation plan established or maintained by an employer or plan sponsor;

(3)settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process;

(4)formal prepaid funeral contracts; or

(5)variable annuities regulated under Title 30, chapter 10.