Section 431:10D-621 - ScopePART VII.SUITABILITY IN ANNUITY TRANSACTIONS
(a) This part applies to any recommendation or sale of an annuity .(b) This part does not apply to transactions involving: (1) Direct-response solicitations where there is no recommendation based on information collected from the consumer pursuant to this part; or(2) Contracts used to fund:(A) An employee pension or welfare benefit plan that is covered by the Employee Retirement Income Security Act of 1974, P.L. 93-406, as amended;(B) A plan described by section 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code of 1986, as amended, if established or maintained by an employer;(C) A government plan or church plan defined in section 414 of the Internal Revenue Code of 1986, as amended, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax exempt organization subject to section 457 of the Internal Revenue Code of 1986, as amended; or(D) A non-qualified deferred compensation arrangement established or maintained by an employer or plan sponsor;(3) Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or(4) Formal prepaid funeral contracts.(c) Nothing in this part shall be construed to affect in any manner any provision of chapter 485A.Amended by L 2022, c 58,§ 7, eff. 1/1/2023.Amended by L 2011, c 108, § I-3, eff. 1/1/2012. L 2007, c 257 , pt of §2, §§4, 5, 9Revision Note
Subsection (c) is codified to this section pursuant to § 23G-15 and edited to exclude the words, "Hawaii Revised Statutes".