1. (1) The purpose of this chapter is to require producers, as defined in this chapter, to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed.
2. (2) Nothing herein shall be construed to create or imply a private cause of action for a violation of this chapter or to subject a producer to civil liability under the best interest standard of care outlined in Rule 482-1-137-.06 or under standards governing the conduct of a fiduciary or a fiduciary relationship.

Author: Commissioner of Insurance

Statutory Authority: Code of Ala. 1975, §§27-2-17; 27-12-1, et seq.

History: New Rule: May 19, 2006; effective January 1, 2007. Filed with LRS May 22, 2006. Rule is not subject to the Alabama Administrative Procedure Act. Amended: July 21, 2016; effective January 1, 2017. Filed with LRS July 21, 2016. Rule is not subject to the Alabama Administrative Procedure Act. Amended: June 10, 2021; effective January 1, 2022. Filed with LRS June 10, 2021. Rule is not subject to the Alabama Administrative Procedure Act.