South Dakota § 58-33A-16.5 Recommendation--Sale of annuity--Disclosure to consumer.

South Dakota Statutes

§ 58-33A-16.5 — Recommendation--Sale of annuity--Disclosure to consumer.

South Dakota § 58-33A-16.5

Title 58INSURANCE

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

This text of South Dakota § 58-33A-16.5 (Recommendation--Sale of annuity--Disclosure to consumer.) 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-16.5 (2026).

Text

Prior to or at the time of the recommendation or sale of an annuity, the producer shall prominently disclose to the consumer on a form substantially similar to the form prescribed by the director and available on the division’s website:

(1)A description of the scope and terms of the relationship with the consumer and the role of the producer in the transaction;

(2)An affirmative statement on whether the producer is licensed and authorized to sell the following products:

(a)Fixed annuities;

(b)Fixed indexed annuities;

(c)Variable annuities;

(d)Life insurance;

(e)Mutual funds;

(f)Stocks and bonds; and (g) Certificates of deposit;

(3)An affirmative statement describing the insurers the producer is authorized, contracted, appointed, or otherwise able to s

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Prior to or at the time of the recommendation or sale of an annuity, the producer shall prominently disclose to the consumer on a form substantially similar to the form prescribed by the director and available on the division’s website: (1) A description of the scope and terms of the relationship with the consumer and the role of the producer in the transaction; (2) An affirmative statement on whether the producer is licensed and authorized to sell the following products: (a) Fixed annuities; (b) Fixed indexed annuities; (c) Variable annuities; (d) Life insurance; (e) Mutual funds; (f) Stocks and bonds; and (g) Certificates of deposit; (3) An affirmative statement describing the insurers the producer is authorized, contracted, appointed, or otherwise able to sell insurance products for using the following descriptions: (a) From one insurer; (b) From two or more insurers; or (c) From two or more insurers although primarily contracted with one insurer; (4) A description of the sources and types of cash compensation and non-cash compensation to be received by the producer, including whether the producer is to be compensated for the sale of a recommended annuity by commission as part of premium or other remuneration received from the insurer, intermediary, or other producer or by fee as a result of a contract for advice or consulting services; and (5) A notice of the consumer’s right to request additional information regarding cash compensation described in § 58-33A-16.6 .