North Carolina § 58-60-155 - (Contingent repeal - see note) Purpose; scope.

§ 58-60-155. (Contingent repeal - see note) Purpose; scope.

The purpose of this Part is to set forth standards and procedures for recommendations to consumers that result in a transaction involving annuity products so that the insurance needs and financial objectives of consumers at the time of the transaction are appropriately addressed. This Part shall apply to any recommendation to purchase or exchange an annuity made to a consumer by an insurance producer, or an insurer where no producer is involved, that results in the purchase or exchange recommended. History (2007-298, s. 1.1.) Editor's Note. - Session Laws 2017-136, s. 4, provides: "The Department of Insurance shall adopt rules substantially similar to the most recent model regulation on suitability in annuity transactions issued by the National Association of Insurance Commissioners. Rules adopted pursuant to this section are not subject to Part 3 of Article 2A of Chapter 150B of the General Statutes." Session Laws 2017-136, s. 5, provides: "Part 4 of Article 60 of Chapter 58 of the General Statutes is repealed." Session Laws 2017-136, s. 6, provides, in part: "Section 5 of this act becomes effective on the date that rules adopted pursuant to Section 4 of this act become effective. . . . The Codifier of Rules shall notify the Revisor of Statutes of the effective date of rules adopted as required by this act. Except as otherwise provided, the remainder of this act is effective when it becomes law."