OAR 836-080-0178
Definitions
(1)
“Annuity” means an insurance product that is individually solicited, whether the product is classified as an individual or group annuity.(2)
“Insurer” means a company required to be licensed under the laws of this state to provide insurance products, including annuities.(3)
“Insurance producer” means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities.(4)
“Recommendation” means advice provided by an insurance producer, or an insurer where no insurance producer is involved, to an individual consumer that results in a purchase, exchange or replacement of an annuity in accordance with that advice.(5)
“Replacement” has the meaning given in OAR 836-080-0005 (Definitions).(6)
“Suitability information” means information that is reasonably appropriate to determine the suitability of a recommendation, including the following:(a)
Age;(b)
Annual income;(c)
Financial situation and needs, including the financial resources used for the funding of the annuity;(d)
Financial experience;(e)
Financial objectives;(f)
Intended use of the annuity;(g)
Financial time horizon;(i)
Existing assets, including investment and life insurance holdings;(j)
Liquidity needs;(k)
Liquid net worth;(l)
Risk tolerance; and(m)
Tax status.
Source:
Rule 836-080-0178 — Definitions, https://secure.sos.state.or.us/oard/view.action?ruleNumber=836-080-0178
.