reglab/housing_qa huggingface dataset:
NC Gen Stat § 58-60-5 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-5 - Scope; exemptions.

 58-60-5. Scope; exemptions.(a) Except as otherwise provided in this Part, this Part applies to any solicitation, negotiation or procurement of life insurance occurring within this State. This Part applies to any issuer of a life insurance contract, including fraternal benefit societies.(b) Unless otherwise specifically included, this Part does not apply to:(1) Individual and group annuity contracts.(2) Credit life insurance.(3) Group life insurance (except for disclosures relating to preneed funeral contracts or prearrangements; these disclosure requirements shall extend to the issuance or delivery of certificates as well as to the master policy).(4) Life insurance policies issued in connection with pension and welfare plans as defined by and that are subject to the federal Employee Retirement Income Security Act of 1974 (ERISA).(5) Variable life insurance under which the death benefits and cash values vary in accordance with unit values of investments held in a separate account.(c) The policy summary in this Part is not required for policies that are sold subject to rules adopted by the Commissioner for life insurance illustrations. (1979, c. 447; 1998-211, s. 14; 2005-234, s. 1.4.)
NC Gen Stat § 58-60-15 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-15 - Disclosure requirements.

 58-60-15. Disclosure requirements.(a) The insurer shall provide to all prospective purchasers a Buyer's Guide and a Policy Summary prior to accepting any applicant's initial premium deposit, unless the policy for which application is made contains an unconditional refund provision of at least 10 days or unless the Policy Summary contains such an unconditional refund offer, in which event the Buyer's Guide and Policy Summary must be delivered with the policy or prior to delivery of the policy.(b) The insurer shall provide a Buyer's Guide and a Policy Summary to any prospective purchaser upon request.(c) In the case of policies whose Equivalent Level Death Benefit does not exceed five thousand dollars ($5,000), the requirement for providing a Policy Summary will be satisfied by delivery of a written statement containing the information described in G.S. 58-60-10(7), subdivisions b, c, d, e1, e2, e3, f, g, j, and k. (1979, c. 447; 1993, c. 553, s. 21.)
NC Gen Stat § 58-60-20 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-20 - General rules relating to solicitation.

 58-60-20. General rules relating to solicitation.(a) Each insurer subject to this Part shall maintain at its home office or principal office a complete file containing one copy of each document authorized by the insurer for use pursuant to this Part. Such file shall contain one copy of each authorized form for a period of three years following the date of its last authorized use.(b) An agent shall inform the prospective purchaser, prior to commencing a life insurance sales presentation, that he is acting as a life insurance agent and inform the prospective purchaser of the full name of the insurance company which he is representing to the buyer. In sales situations in which an agent is not involved, the insurer shall identify its full name.(c) Terms such as financial planner, investment advisor, financial consultant, or financial counseling shall not be used in such a way as to imply that the insurance agent is generally engaged in an advisory business in which compensation is unrelated to sales unless such is actually the case.(d) Any reference to policy dividends must include a statement that dividends are not guaranteed.(e) A system or presentation which does not recognize the time value of money through the use of appropriate interest adjustments shall not be used for comparing the cost of two or more life insurance policies. Such a system may be used for the purpose of demonstrating the cash-flow pattern of a policy if such presentation is accompanied by a statement disclosing that the presentation does not recognize that, because of interest, a dollar in the future has less value than a dollar today.(f) A presentation of benefits shall not display guaranteed and nonguaranteed benefits as a single sum unless they are shown separately in close proximity thereto.(g) A statement regarding the use of the Life Insurance Cost Indexes shall include an explanation to the effect that the indexes are useful only for the comparison of the relative costs of two or more similar policies.(h) A Life Insurance Cost Index which reflects dividends or an Equivalent Level Annual Dividend shall be accompanied by a statement that it is based on the insurer's current dividend scale and is not guaranteed.(i) For the purposes of this Part, the annual premium for a basic policy or rider, for which the insurer reserves the right to change the premium, shall be the maximum annual premium. (1979, c. 447; 2005-234, ss. 1.7, 1.8.)
NC Gen Stat § 58-60-25 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-25 - Adoption of Buyer's Guide; requirements.

 58-60-25. Adoption of Buyer's Guide; requirements.Any insurer soliciting life insurance in this State on or after December 1, 1979, shall adopt and use a Buyer's Guide, and the adoption and use by an insurer of the Buyer's Guide promulgated by the National Association of Insurance Commissioners in the NAIC Model Life Insurance Solicitation Regulations shall be in compliance with the requirements of this Part. (1979, c. 447; 2005-234, s. 1.9.)
NC Gen Stat § 58-60-30 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-30 - Failure to comply.

 58-60-30. Failure to comply.The failure of an insurer to provide or deliver a Buyer's Guide, or a Policy Summary as provided in G.S. 58-60-15(a) and (b) shall constitute an omission which misrepresents the benefits, advantages, conditions or terms of an insurance policy within the meaning of G.S. 58-58-40 and Article 63 (Unfair Trade Practice Act) of this Chapter. (1979, c. 447.)
NC Gen Stat § 58-60-90 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-90 - Title and reference.

 58-60-90. Title and reference.This Part may be cited as the "Small Face Amount Life Insurance Disclosure Act". (2005-234, s. 1.10.)
NC Gen Stat § 58-60-95 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-95 - Purpose; intent; and scope.

 58-60-95. Purpose; intent; and scope.(a) The purpose of this Part is to establish standards that ensure meaningful information is provided to the purchasers of small face amount policies.(b) This Part applies to any life insurance policy or certificate with an initial face amount of fifteen thousand dollars ($15,000) or less.(c) This Part does not apply to:(1) Variable life insurance.(2) Individual and group annuity contracts.(3) Credit life insurance.(4) Group or individual policies of life insurance issued to members of an employer group or other permitted group where:a. Every plan of coverage was selected by the employer or other group representative;b. Some portion of the premium is paid by the group or through payroll deduction; andc. Group underwriting or simplified underwriting is used.(5) Policies and certificates where an illustration has been provided pursuant to the requirements of Title 11, Chapter 4, Section .0500 of the North Carolina Administrative Code. (2005-234, s. 1.10.)
NC Gen Stat § 58-60-100 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-100 - Disclosure requirements.

 58-60-100. Disclosure requirements.(a) An insurer issuing a small face amount policy where, over the term of the policy, the cumulative policy premiums paid may exceed the face amount of the policy, shall clearly and prominently disclose, on or before policy delivery, the length of time until the cumulative policy premiums paid may exceed the face amount of the policy.(b) If an insurer is required to provide a disclosure under subsection (a) of this section, the insurer shall clearly and prominently disclose, on or before policy delivery, available premium payment plan and product alternatives. If no alternatives exist, the insurer shall clearly and prominently disclose that there are no such alternatives.(c) Cumulative premiums shall include premiums paid for riders. However, the face amount shall not include the benefits attributable to the riders. (2005-234, s. 1.10.)
NC Gen Stat § 58-60-105 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-105 - Insurer duties.

 58-60-105. Insurer duties.The insurer and its producers shall have a duty to provide information to policyholders or certificate holders that ask questions about the disclosure statement. (2005-234, s. 1.10.)
NC Gen Stat § 58-60-120 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-120 - Title and reference.

 58-60-120. Title and reference.This Part may be cited as the "Annuity Disclosure Act". (2005-234, s. 1.11.)
NC Gen Stat § 58-60-125 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-125 - Purpose; intent; scope.

 58-60-125. Purpose; intent; scope.(a) The purpose of this Part is to provide standards for the disclosure of certain minimum information about annuity contracts to protect consumers and foster consumer education. This Part specifies the minimum information that must be disclosed and the method for disclosing it in connection with the sale of annuity contracts. The goal of this Part is to ensure that purchasers of annuity contracts understand certain basic features of annuity contracts.(b) This Part applies to all group and individual annuity contracts and certificates except:(1) Registered or nonregistered variable annuities or other registered products.(2) Immediate and deferred annuities that contain no nonguaranteed elements.(3) Annuities used to fund any of the following:a. An employee pension plan, which is covered by the Employee Retirement Income Security Act (ERISA).b. A plan described by section 401(a), 401(k), or 403(b) of the Internal Revenue Code, where the plan, for purposes of ERISA, is established or maintained by an employer.c. A governmental or church plan defined in section 414 of the Internal Revenue Code or a deferred compensation plan of a state or local government or a tax-exempt organization under section 457 of the Internal Revenue Code.d. A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.e. Structured settlement annuities.f. Charitable gift annuities.g. Funding agreements.(c) This Part shall apply to annuities used to fund a plan or arrangement that is funded solely by contributions an employee elects to make, whether on a pretax or after-tax basis, and where the insurance company has been notified that plan participants may choose from among two or more fixed annuity providers, and there is a direct solicitation of an individual employee by a producer for the purchase of an annuity contract. As used in this subsection, direct solicitation shall not include any meeting held by a producer solely for the purpose of educating or enrolling employees in the plan or arrangement. (2005-234, s. 1.11.)
NC Gen Stat § 58-60-135 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-135 - Standards for the disclosure document and buyer's guide.

 58-60-135. Standards for the disclosure document and buyer's guide.(a) Where the application for an annuity contract is taken in a face-to-face meeting, the applicant, at or before the time of application, shall be given both the disclosure document described in G.S. 58-60-140 and a copy of the buyer's guide.(b) Where the application for an annuity contract is taken by means other than in a face-to-face meeting, the applicant shall be sent both the disclosure document and the buyer's guide no later than five business days after the completed application is received by the insurer.(1) With respect to an application received as a result of a direct solicitation through the mail:a. Providing a buyer's guide in a mailing inviting prospective applicants to apply for an annuity contract shall be deemed to satisfy the requirement that the buyer's guide be provided no later than five business days after receipt of the application.b. Providing a disclosure document in a mailing inviting a prospective applicant to apply for an annuity contract shall be deemed to satisfy the requirement that the disclosure document be provided no later than five business days after receipt of the application.(2) With respect to an application received via the Internet:a. Taking reasonable steps to make the buyer's guide available for viewing and printing on the insurer's Web site shall be deemed to satisfy the requirement that the buyer's guide be provided no later than five business days after receipt of the application.b. Taking reasonable steps to make the disclosure document available for viewing and printing on the insurer's Web site shall be deemed to satisfy the requirement that the disclosure document be provided no later than five business days after receipt of the application.(3) A solicitation for an annuity contract provided in other than a face-to-face meeting shall include a statement that the proposed applicant may contact the Department for a free annuity buyer's guide. In lieu of the foregoing statement, an insurer may include a statement that the prospective applicant may contact the insurer for a free annuity buyer's guide.(c) Where the buyer's guide and disclosure document are not provided at or before the time of application, a free-look period of no less than 15 days shall be provided for the applicant to return the annuity contract without penalty. This free-look period shall run concurrently with any other free-look period provided under State law or regulation. (2005-234, s. 1.11.)
NC Gen Stat § 58-60-140 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-140 - Contents of disclosure document.

 58-60-140. Contents of disclosure document.At a minimum, all of the following information shall be included in the disclosure document required under this Part:(1) The generic name of the contract, the company product name, if different, and form number, and the fact that it is an annuity.(2) The insurer's name and address.(3) A description of the contract and its benefits, emphasizing its long-term nature, including the following, if appropriate:a. The guaranteed, nonguaranteed, and determinable elements of the contract, and their limitations, if any, and an explanation of how they operate.b. An explanation of the initial crediting rate, specifying any bonus or introductory portion, the duration of the rate, and the fact that rates may change from time to time and are not guaranteed.c. Periodic income options both on a guaranteed and nonguaranteed basis.d. Any value reductions caused by withdrawals from or surrender of the contract.e. How values in the contract can be accessed.f. The death benefit, if available, and how it will be calculated.g. A summary of the federal tax status of the contract and any penalties applicable on withdrawal of values from the contract.h. The impact of any rider, such as a long-term care rider.(4) The specific dollar amount or percentage charges and fees with an explanation of how they apply.(5) Information about the current guaranteed rate for new contracts that contains a clear notice that the rate is subject to change.Insurers shall define terms used in the disclosure statement in language that facilitates the understanding by a typical person within the segment of the public to which the disclosure statement is directed. (2005-234, s. 1.11.)
NC Gen Stat § 58-60-145 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-145 - Report to contract owners.

 58-60-145. Report to contract owners.For annuities in the payout period with changes in nonguaranteed elements and for the accumulation period of a deferred annuity, the insurer shall provide each contract owner with a report, at least annually, on the status of the contract that contains at least all of the following information:(1) The beginning and end dates of the current report period.(2) The accumulation and cash-surrender value, if any, at the end of the previous report period and at the end of the current report period.(3) The total amounts, if any, that have been credited, charged to the contract value, or paid during the current report period.(4) The amount of outstanding loans, if any, as of the end of the current report period. (2005-234, s. 1.11.)
NC Gen Stat § 58-60-150 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-150 - (Contingent repeal see note) Title and reference.

 58-60-150. (Contingent repeal - see note) Title and reference.This Part may be cited as the "Suitability in Annuity Transactions Act".  (2007-298, s. 1.1; 2017-136, s. 5.)
NC Gen Stat § 58-60-155 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-155 - (Contingent repeal see note) Purpose; scope.

 58-60-155. (Contingent repeal - see note) Purpose; scope.(a) 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.(b) 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.  (2007-298, s. 1.1; 2017-136, s. 5.)
NC Gen Stat § 58-60-160 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-160 - (Contingent repeal see note) Exemptions.

 58-60-160. (Contingent repeal - see note) Exemptions.Unless otherwise specifically included, this Part does not apply to recommendations involving any of the following:(1) Direct response solicitations where there is no recommendation based on information collected from the consumer pursuant to this Part.(2) Contracts used to fund any of the following:a. An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act (ERISA).b. A plan described by section 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code if established or maintained by an employer.c. A government or church plan defined in section 414 of the Internal Revenue Code, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax-exempt organization under section 457 of the Internal Revenue Code.d. A nonqualified 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.f. Formal prepaid funeral contracts.  (2007-298, s. 1.1; 2017-136, s. 5.)
NC Gen Stat § 58-60-165 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-165 - (Contingent repeal see note) Definitions.

 58-60-165. (Contingent repeal - see note) Definitions.As used in this Part:(1) "Annuity" means a fixed annuity or variable annuity that is individually solicited, whether the product is classified as an individual or group annuity.(2) "Insurance producer" has the same meaning as in G.S. 58-33-10(7).(3) "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.  (2007-298, s. 1.1; 2017-136, s. 5.)
NC Gen Stat § 58-60-175 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-175 - (Contingent repeal see note) Mitigation of responsibility.

 58-60-175. (Contingent repeal - see note) Mitigation of responsibility.(a) The Commissioner may order:(1) An insurer to take reasonably appropriate corrective action for any consumer harmed by the insurer's, or by its insurance producer's, violation of this Part.(2) An insurance producer to take reasonably appropriate corrective action for any consumer harmed by the insurance producer's violation of this Part.(3) A general agency or independent agency that employs or contracts with an insurance producer to sell, or solicit the sale, of annuities to consumers, to take reasonably appropriate corrective action for any consumer harmed by the insurance producer's violation of this Part.(b) Any applicable penalty under G.S. 58-2-70 for a violation of subsection (a) or (b) of G.S. 58-60-170 may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered.(c) A violation of this Part is an unfair method of competition and unfair and deceptive act or practice in the business of insurance in violation of G.S. 58-63-10.  (2007-298, s. 1.1; 2017-136, s. 5.)
NC Gen Stat § 58-60-180 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 60 - Standards of Disclosure for Annuities and Life Insurance.|§ 58-60-180 - (Contingent repeal see note) Record keeping.

 58-60-180. (Contingent repeal - see note) Record keeping.(a) Insurers, general agents, independent agencies, and insurance producers shall maintain or be able to make available to the Commissioner records of the information collected from the consumer and other information used in making the recommendations that were the basis for insurance transactions for five years after the insurance transaction is completed by the insurer. An insurer is permitted, but shall not be required, to maintain documentation on behalf of an insurance producer.(b) Records required to be maintained by this Part may be maintained in paper, photographic, microprocess, magnetic, mechanical, or electronic media or by any process that accurately reproduces the actual document.  (2007-298, s. 1.1; 2017-136, s. 5.)
NC Gen Stat § 58-61-1 (2021)
2021 North Carolina General Statutes|Chapter 58 - Insurance|Article 61 - Regulation of Interest Rates on Life Insurance Policy Loans.|§ 58-61-1 - Purpose.

 58-61-1. Purpose.The purpose of this Article is to permit and set guidelines for life insurers to include in life insurance policies issued after the effective date of this Article a provision for periodic adjustment of policy loan interest rates. Nothing in this Article shall be construed to prohibit a life insurer from issuing a policy that contains only the provision specified in G.S. 58-61-10(a)(1) with respect to policy loan interest rates. (1981, c. 841, s. 1.)