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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 365. Insurance Department |
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Chapter 25. Other Licensees |
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Subchapter 17. Consumer Protection in Annuity Transactions Regulation |
SECTION 365:25-17-5. Definitions
Latest version.
- The following words and terms, when used in this Subchapter, shall have the following meanings, unless the context clearly indicates otherwise."Annuity" means a fixed annuity or variable annuity that is individually solicited, whether the product is classified as an individual or group annuity."Insurer" means a company required to be licensed under the laws of this state to provide insurance products, including annuities."Insurance producer" means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities."Recommendation" means advice provided by an insurance producer, or an insurer where no producer is involved, to an individual consumer that results in a purchase or exchange of an annuity in accordance with that advice.