- (a) The purpose of this rule is to require producers, as defined in this rule, 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 herein shall be construed to create or imply a private cause of action for a violation of this rule or to subject a producer to civil liability under the best interest standard of care outlined in Ins 305.05 of this rule or under standards governing the conduct of a fiduciary or a fiduciary relationship.
Source. #9374, eff 1-30-09; ss by #10654, eff 1-1-15; ss by #13873, eff 2-16-24