58-33A-13. Definition of terms.
Terms used in §§58-33A-14 to 58-33A-27, inclusive, mean:
(1)"Annuity," a fixed annuity or variable annuity that is individually solicited, whether the product is classified as an individual or group annuity;
(2)"Insurer," a company required to be licensed under the laws of this state to provide insurance products, including annuities;
(3)"Insurance producer," a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities;
(4)"Recommendation," advice provided by an insurance producer, or an insurer where no producer is involved, to an individual consumer that results in a purchase or exchange of an annuity in accordance with that advice.
Source: SL 2008, ch 273, §1.