OAR 836-080-0178: Definitions

(1)(a) “Annuity” means: (A) An agreement to make periodic payments, whether fixed or variable, in an amount: (i) That is individually solicited, whether the agreement is classified as an individual annuity or a group annuity; and (ii) In which the obligation to make all or some of the periodic payments, or the amount of any periodic payment, depends upon the continuance of human life; and (B) Any additional benefits that safeguard the agreement from lapse or that provide a special surrender value or special benefit or annuity if the annuitant becomes totally and permanently disabled. (b) “Annuity” does not include: (A) A charitable remainder annuity trust or a charitable remainder unitrust as defined in S ection 664(d) of the Internal Revenue Code; or (B) Payments made in accordance with settlement provisions of a life insurance policy. (2) “Producer” means a person that is licensed under ORS 744.052 to 744.089 or an insurer, if the insurer solicits, negotiates or sells an annuity without involving a producer. (3) “Recommendation” means a producer’s advice to a consumer that the producer intends as an inducement to sell, exchange or replace an annuity or that results in a sale, exchange or replacement of an annuity in accordance with the producer’s advice.