Except as provided pursuant to § 58-33A-19, a producer has no obligation to a consumer under §§ 58-33A-16.1 to 58-33A-16.3, inclusive, and § 58-33A-17 related to any annuity transaction if:

(1) A consumer refuses to provide relevant consumer profile information and the annuity transaction is not recommended;

Terms Used In South Dakota Codified Laws 58-33A-18

  • 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.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(2) A consumer decides to enter into an annuity transaction that is not based on a recommendation of the producer;

(3) A recommendation was made and was later found to have been prepared based on materially inaccurate information provided by the consumer; or

(4) No recommendation is made.

Source: SL 2008, ch 273, § 6; SL 2012, ch 250, § 4; SL 2022, ch 186, § 10, eff. Jan. 1, 2023.

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