Rule 120-2-94-.01. Purpose
- (1) The purpose of this regulation is to require producers, as defined in this regulation, 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) Nothing herein shall be construed to create or imply a private cause of action for a violation of this regulation or to subject a producer to civil liability under the best interest standard of care outlined in Section .06 of this regulation or under standards governing the conduct of a fiduciary or a fiduciary relationship.
Authority: O.C.G.A. § 33-2-9.
History. Original Rule entitled "Purpose" adopted. F. Oct. 10, 2006; eff. Oct. 30, 2006.
Repealed: New Rule of same title adopted. F. Aug. 7, 2015; eff. Aug. 27, 2015.
Amended: F. Feb. 1, 2023; eff. Feb. 1, 2023, as specified by the Agency.