§ 58-33A-25 — Compliance with comparable standards by financial professional.

Recommendations and sales of annuities made in compliance with comparable standards shall satisfy the requirements of §§ 58-33A-13 to 58-33-27 , inclusive. This section applies to all recommendations and sales of annuities made by financial professionals in compliance with business rules, controls, and procedures that satisfy a comparable standard even if such standard would not otherwise apply to the product or recommendation at issue. For this section to apply, an insurer shall: (1) Monitor the relevant conduct of the financial professional seeking to rely on this section or the entity responsible for supervising the financial professional, such as the financial professional’s broker-dealer or an investment adviser registered under federal or state securities laws using information collected in the normal course of an insurer's business; and (2) Provide to the entity responsible for supervising the financial professional seeking to rely on this section, such as the financial professional’s broker-dealer or investment adviser registered under federal or state securities laws, information and reports that are reasonably appropriate to assist the entity to maintain its supervision system. Nothing in this section shall limit the director’s ability to investigate and enforce the provisions of §§ 58-33A-13 to 58-33A-27 , inclusive, or limit the insurer’s obligation to comply with § 58-33A-20 (4), although the insurer may base its analysis on information received from either the financial professional or the entity supervising the financial professional.

Legislative History

SL 2008, ch 273, § 13; SL 2012, ch 250, § 10; SL 2022, ch 186, § 24, eff. Jan. 1, 2023.