58-33A-14. Recommendations to purchase or exchange annuities subject to requirements.Sections 58-33A-13 to 58-33A-27, inclusive, apply to any recommendation or sale of an annuity. The purpose of §§58-33A-13 to 58-33A-27, inclusive, is to require producers, as defined in §58-33A-13, to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed. Nothing in §§58-33A-13 to 58-33A-27, inclusive, creates or implies a private cause of action for a violation of §§58-33A-13 to 58-33A-27, inclusive, or subjects a producer to civil liability under the best interest standard of care outlined in §58-33A-16 or under standards governing the conduct of a fiduciary or a fiduciary relationship. Source: SL 2008, ch 273, §2; SL 2022, ch 186, §2, eff. Jan. 1, 2023.
South Dakota Legal Code