Insurance Regulation 12 - Suitability in Annuity Transactions
|Title||230||Department of Business Regulation (includes the Office of the Health Insurance Commissioner)|
|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.