Insurance Regulation 12 - Suitability in Annuity Transactions


230-RICR-20-25-1 INACTIVE RULE

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Title 230 Department of Business Regulation (includes the Office of the Health Insurance Commissioner)
Chapter 20 Insurance
Subchapter 25 Life and Annuities
Part 1 Insurance Regulation 12 - Suitability in Annuity Transactions
Type of Filing Amendment
Regulation Status Inactive View Active Rule
Effective 09/18/2006 to 01/20/2011

Regulation Authority :

R.I. Gen. Laws §§ 42-14-17, 42-35-2, 42-35-3, 27-29-1 et seq., 7-11-101 et seq.

Purpose and Reason :

The purpose of this regulation 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. Nothing herein shall be construed to create or imply a private cause of action for a violation of this regulation. The proposed amendments are designed to extend the regulation to all consumers in accordance with the most recent amendment to the National Association of Insurance Commissioners Model Regulation upon which the regulation is based.

There are no electronic rulemaking documents for rules filed prior to August 14, 2018. For rulemaking documents for rules filed prior to this date, please contact the appropriate agency's Rules Coordinator.