(a) The purpose of this part is to require:
- (1) Producers, as defined in this part, to act in the best interest of the consumer when making a recommendation of an annuity; and
- (2) 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.
- (b) Nothing herein shall be construed to create or imply a private cause of action for a violation of this part or to subject a producer to civil liability under the best interest standard of care outlined in 23 CAR § 121-105 or under standards governing the conduct of a fiduciary or a fiduciary relationship.