Section 10-2-603 - Bank sale of annuities - disclosure requirements(1) Any financial institution, or any subsidiary or employee thereof, which sells a fixed or variable annuity contract shall receive written acknowledgment from the purchaser that the annuity which is being purchased may involve investment risk and is not insured by the federal deposit insurance corporation or the national credit union share insurance fund. Such written notice shall be clear and conspicuous and shall be given before or contemporaneously with the purchase of the annuity. This subsection (1) shall apply to an affiliate or subsidiary of a financial institution if such an affiliate or subsidiary sells insurance on the premises of a financial institution.(2) A clear and conspicuous notice substantially in the following form complies with this section: Acknowledgment
___________________________________
(Complete name of investment)
I understand that the investment product I am purchasing is not a bank deposit and is not an obligation of, nor is it guaranteed by, any bank. This product is not insured or guaranteed by the federal deposit insurance corporation. In addition, I understand that the investment product purchased may be subject to investment risk, including possible loss of principal, and that any investment product's past performance should not be considered an indication of future results.
_________________________
(Date)
(Signed)
L. 94: Entire section added, p. 1354, § 7, effective 7/1/1995. L. 97: (1) amended, p. 429, § 3, effective April 24.