Md. Code Regs. 31.09.12.02

Current through Register Vol. 51, No. 24, December 2, 2024

Section 31.09.12.02 - Scope

A. In General. This chapter applies to any sale or recommendation of an annuity.

B. Exceptions. Unless otherwise specifically included, this chapter does not apply to transactions involving:

(1) Direct response solicitations if there is no recommendation based on information collected from the consumer pursuant to this regulation;

(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 26 U.S.C. §§ 401(a), 401(k), 403(b), 408(k), or 408(p) if established or maintained by an employer;

(c) A government or church plan defined in 26 U.S.C. § 414, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax-exempt organization under 26 U.S.C. § 457; or

(d) A nonqualified 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.

Md. Code Regs. 31.09.12.02

Regulation .02 amended effective 49:8 Md. 501, eff. 4/18/2022