18-181A 18-181A . . . Insurance Agents Stock Option Plan under which Compensation Committee may grant Non-qualified Stock Options to any insurance agent who signs agreement which commits agent to produce at least $300,000 of premiums during specific three-year period ("Qualification Period"). Number of shares covered by option is equal to agent's premium commitment divided by $100, and options become exercisable only to extent agent satisfies his or her minimum commitment for premiums during Qualification Period, and only to extent loss ratios for insurance business written meet or exceed certain performance criteria
South Dakota Insurance Agents Stock option plan
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US-CC-18-181A
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FAQ
It is a written document that remains valid even if you should later become unable to make your own decisions. With a durable power of attorney, you are able to appoint an agent to manage your financial affairs, make health care decisions, or conduct other business for you during your incapacitation.
Recommendations and sales must effectively address the client's unique financial situation, insurance needs and financial objectives. Producers must meet specific "best interest" obligations regarding care, disclosure, conflict of interest and documentation.
Disclosure Obligation Prior to any recommendation, an "Insurance Agent (Producer) Disclosure for Annuities" form setting forth: The scope and terms of the producer's relationship with the consumer and the producer's role in the transaction. The products the producer is licensed and authorized to sell.
What are the four main obligations to a consumer during the sale of an annuity? The four main obligations an insurer must satisfy for a consumer purchasing an annuity are care, disclosure, conflict of interest and documentation.
Under the care obligation under subsection B of this section, the consumer profile information, characteristics of the insurer and product costs, rates, benefits and features are those factors generally relevant in making a determination whether an annuity effectively addresses the consumer's financial situation, ...
This requirement is designed to ensure consumers understand why a product is consistent with their particular financial needs, situation, and objectives. Agents and carriers are required to document, in writing, any recommendation and the justification for such recommendation.