South Dakota § 58-33A-16 - Annuity--Best interest standard--Material control or influence.
Full text of South Dakota South Dakota Codified Laws § 58-33A-16 — Annuity--Best interest standard--Material control or influence., with citation guidance and answers to common questions.
§ 58-33A-16. Annuity--Best interest standard--Material control or influence.
A producer, when making a recommendation of an annuity, shall act in the best interest of the consumer under the circumstances known at the time the recommendation is made, without placing the producer’s or the insurer’s financial interest ahead of the consumer’s interest. For purposes of this section, a producer has acted in the best interest of the consumer by satisfying the obligations regarding care in §§ 58-33A-16.1 to 58-33A-16.3, inclusive, disclosure in §§ 58-33A-16.4 to 58-33A-16.6, inclusive, conflict of interest in § 58-33A-16.7, and documentation in § 58-33A-19.2. Any requirement applicable to a producer under §§ 58-33A-13 to 58-33A-27, inclusive, must apply to every producer who has exercised material control or influence in the making of a recommendation and has received direct compensation as a result of the recommendation or sale, regardless of whether the producer has had any direct contact with the consumer. Activities such as providing or delivering marketing or educational materials, product wholesaling or other back-office product support, and general supervision of a producer do not, in and of themselves, constitute material control or influence.
The following acts, when considered in isolation, do not constitute material control or influence:
(1) Receipt of override commissions;
(2) Transmittal of documents, including application to insurers; and
(3) Providing illustrations and quotes.
Source: SL 2008, ch 273, § 4; SL 2012, ch 250, § 1; SL 2022, ch 186, § 4, eff. Jan. 1, 2023; SL 2023, ch 168, § 2.
Source: official South Dakota text · Last verified 2026-08-27
Frequently Asked Questions About South Dakota § 58-33A-16
What does South Dakota Codified Laws § 58-33A-16 cover?
Section 58-33A-16 ("Annuity--Best interest standard--Material control or influence.") is part of the South Dakota Codified Laws, the codified statutory law of South Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Dakota § 58-33A-16?
A common citation format is "South Dakota Codified Laws § 58-33A-16" (South Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Dakota official source linked on this page or consult a licensed South Dakota attorney.
How does South Dakota § 58-33A-16 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Dakota.