58-33A-16.2. Recommendation--Producer responsibilities--Applicability and intent.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. Source: SL 2022, ch 186, §8, eff. Jan. 1, 2023.
South Dakota Legal Code