§ 58-60-155. Purpose; scope.
§ 58‑60‑155. Purpose; scope.
(a) The purpose of thisPart is to set forth standards and procedures for recommendations to consumersthat result in a transaction involving annuity products so that the insuranceneeds and financial objectives of consumers at the time of the transaction areappropriately addressed.
(b) This Part shallapply to any recommendation to purchase or exchange an annuity made to aconsumer by an insurance producer, or an insurer where no producer is involved,that results in the purchase or exchange recommended. (2007‑298, s. 1.1.)