§431:10D-621 - Scope.
[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 to purchase or exchange an annuity made to a consumer by an insurance producer, or an insurer where no producer is involved, that results in the purchase or exchange recommended.
(b) This part does not apply to recommendations 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 and Income Security Act;
(B) A plan described by sections 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 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 under section 457 of the Internal Revenue Code of 1986, as amended;
(D) A non-qualified deferred compensation arrangement established or maintained by an employer or plan sponsor;
(E) Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
(F) 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]
Revision Note
Subsection (c) is codified to this section pursuant to §23G-15 and edited to exclude the words, "Hawaii Revised Statutes".