2012 Hawaii Revised Statutes
TITLE 24. INSURANCE
431. Insurance Code
431:10D-621 Scope.

Cross References

Variable contracts, see §431:10D-118.

§431:10D-621 Scope. (a) This part applies to any recommendation to purchase, exchange, or replace an annuity made to a consumer by an insurance producer, or an insurer where no producer is involved, that results in the purchase, exchange, or replacement recommended.

(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 and Income Security Act;

(B) A plan described by sections 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 governmental 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;

(D) A non-qualified deferred compensation arrangement established or maintained by an employer or plan sponsor;

(E) Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or

(F) Formal prepaid funeral contracts.

(c) Nothing in this part shall be construed to affect in any manner any provision of chapter 485A. [L 2007, c 257, pt of §2, §§4, 5, 9; am L 2011, c 108, §3]