58-33A-17. Suitability information required before purchase or exchange of annuity.
Prior to the execution of a purchase or exchange of an annuity resulting from a recommendation, an insurance producer, or an insurer if no producer is involved, shall make reasonable efforts to obtain the consumer's suitability information. Suitability information includes:
(1)Age;
(2)Annual income;
(3)Financial situation and needs, including the financial resources used for the funding of the annuity;
(4)Financial experience;
(5)Financial objectives;
(6)Intended use of the annuity;
(7)Financial time horizon;
(8)Existing assets, including investment and life insurance holdings;
(9)Liquidity needs;
(10)Liquid net worth;
(11)Risk tolerance; and
(12)Tax status.
Source: SL 2008, ch 273, §5; SL 2012, ch 250, §2.