- A. The purpose of this chapter 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, at the time of the transaction, are effectively addressed.
- B. Nothing provided in this chapter 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 Regulation .04 of this chapter or under standards governing the conduct of a fiduciary or a fiduciary relationship.
Authority: Insurance Article, §§2-109(a), 4-113, 10-126(a)(13) and (d), 27-102, 27-202, and 27-203, Annotated Code of Maryland
Effective date: July 1, 2007 (34:8 Md. R. 768)
Chapter revised effective November 1, 2011 (38:10 Md. R. 618)
Regulations .01—.11 repealed and new Regulation .01—.13 adopted effective October 8, 2022 (49:8 Md. R. 501)