South Dakota § 58-33A-16.2 Recommendation--Producer responsibilities--Applicability and intent.

South Dakota Statutes

§ 58-33A-16.2 — Recommendation--Producer responsibilities--Applicability and intent.

South Dakota § 58-33A-16.2

Title 58INSURANCE

Ch. 58-32STANDARDS FOR ADVERTISEMENT, SOLICITATION, AND SALE OF LIFE AND HEALTH INSURANCE

This text of South Dakota § 58-33A-16.2 (Recommendation--Producer responsibilities--Applicability and intent.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 58-33A-16.2 (2026).

Text

The requirements of § 58-33A-16.1 :

(1)Apply to the particular annuity as a whole, the underlying subaccounts to which funds are allocated at the time of purchase or exchange of an annuity, and riders and similar product enhancements;

(2)Create a regulatory obligation but do not create a fiduciary obligation or relationship;

(3)Do not mean the annuity with the lowest one-time or multiple occurrence compensation structure shall necessarily be recommended; and (4) Do not mean the producer has ongoing monitoring obligations, although such an obligation may be separately owed under the terms of a fiduciary, consulting, investment advising, or financial planning agreement between the consumer and the producer.

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The requirements of § 58-33A-16.1 : (1) Apply to the particular annuity as a whole, the underlying subaccounts to which funds are allocated at the time of purchase or exchange of an annuity, and riders and similar product enhancements; (2) Create a regulatory obligation but do not create a fiduciary obligation or relationship; (3) Do not mean the annuity with the lowest one-time or multiple occurrence compensation structure shall necessarily be recommended; and (4) Do not mean the producer has ongoing monitoring obligations, although such an obligation may be separately owed under the terms of a fiduciary, consulting, investment advising, or financial planning agreement between the consumer and the producer.