Suitability in Annuity Transactions

1. (a) The purpose of sections 38a-432a-1 to 38a-432a-8, inclusive, of the Regulations of Connecticut State Agencies is to require producers 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 known at the time of the transaction are effectively addressed.
2. (b) Nothing herein shall be construed to create or imply a private cause of action for a violation of sections 38a-432a-1 to 38a-432a-8, inclusive, of the Regulations of Connecticut State Agencies, or to subject a producer to civil liability under the best interest standard of care set forth in section 38a-432a-5 of the Regulations of Connecticut State Agencies or under standards governing the conduct of a fiduciary or a fiduciary relationship.

(Adopted effective August 4, 2005; Amended November 10, 2008; Amended February 18, 2012; Amended March 1, 2022)