§ 58-60-135. Standards for the disclosure document and buyer's guide.
§ 58‑60‑135. Standards for the disclosure document and buyer's guide.
(a) Where theapplication for an annuity contract is taken in a face‑to‑facemeeting, the applicant, at or before the time of application, shall be givenboth the disclosure document described in G.S. 58‑60‑140 and a copyof the buyer's guide.
(b) Where theapplication for an annuity contract is taken by means other than in a face‑to‑facemeeting, the applicant shall be sent both the disclosure document and thebuyer's guide no later than five business days after the completed applicationis received by the insurer.
(1) With respect to anapplication received as a result of a direct solicitation through the mail:
a. Providing a buyer'sguide in a mailing inviting prospective applicants to apply for an annuitycontract shall be deemed to satisfy the requirement that the buyer's guide beprovided no later than five business days after receipt of the application.
b. Providing adisclosure document in a mailing inviting a prospective applicant to apply foran annuity contract shall be deemed to satisfy the requirement that thedisclosure document be provided no later than five business days after receiptof the application.
(2) With respect to anapplication received via the Internet:
a. Taking reasonablesteps to make the buyer's guide available for viewing and printing on theinsurer's Web site shall be deemed to satisfy the requirement that the buyer'sguide be provided no later than five business days after receipt of theapplication.
b. Taking reasonablesteps to make the disclosure document available for viewing and printing on theinsurer's Web site shall be deemed to satisfy the requirement that thedisclosure document be provided no later than five business days after receiptof the application.
(3) A solicitation foran annuity contract provided in other than a face‑to‑face meetingshall include a statement that the proposed applicant may contact theDepartment for a free annuity buyer's guide. In lieu of the foregoingstatement, an insurer may include a statement that the prospective applicantmay contact the insurer for a free annuity buyer's guide.
(c) Where the buyer'sguide and disclosure document are not provided at or before the time ofapplication, a free‑look period of no less than 15 days shall be providedfor the applicant to return the annuity contract without penalty. This free‑lookperiod shall run concurrently with any other free‑look period providedunder State law or regulation. (2005‑234, s. 1.11.)