If an annuity buyer's guide and disclosure document are NOT provided at or before the...

B. 15 days is correct. Hawaiʻi's annuity disclosure requirements are designed to ensure that a prospective purchaser receives sufficient information to understand the annuity before becoming committed to the transaction. Where the prescribed buyer's guide and disclosure document are not supplied at or before the time of application , Hawaiʻi law requires a free-look period of not less than fifteen days during which the applicant can return the annuity contract without penalty.

The statute further provides that this fifteen-day period runs consecutively with any other free-look period provided by law . That detail is important because the fifteen days are not necessarily a substitute for another applicable statutory return period.

The disclosure documents are intended to communicate important contract information, including the nature of the annuity, guarantees, non-guaranteed elements where applicable, surrender considerations, and other information material to the purchasing decision. When this information is provided late, the additional review period compensates for the delayed disclosure.

The ordinary ten-day life-policy free-look provision should therefore not be selected here. The question specifically addresses the special annuity rule triggered by late delivery of the buyer's guide and disclosure document.

Reference topics: HRS §431:10D-603; Annuity Disclosure; Buyer's Guide; Free-Look Period; Consumer Protection.

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