Part VII.  SUITABILITY IN ANNUITY TRANSACTIONS

Cross References

  Variable contracts, see §431:10D-118.

     §431:10D-621  Scope.  (a)  This part applies to any recommendation or sale of an annuity.

     (b)  This part does not apply to transactions involving:

     (1)  Direct-response solicitations where there is no recommendation based on information collected from the consumer pursuant to this part; or

     (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, P.L. 93-406, as amended;

          (B)  A plan described by section 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code of 1986, as amended, if established or maintained by an employer;

          (C)  A government plan or church plan defined in section 414 of the Internal Revenue Code of 1986, as amended, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization subject to section 457 of the Internal Revenue Code of 1986, as amended; or

          (D)  A non-qualified deferred compensation arrangement 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; or

     (4)  Formal prepaid funeral contracts.

     (c)  Nothing in this part shall be construed to affect in any manner any provision of chapter 485A. [L 2007, c 257, pt of §2, §§4, 5, 9; am L 2011, c 108, §3; am L 2022, c 58, pt of §7]