- (a) 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 annuityand 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 regulation or to subject a producer to civil liability under the best interest standard of care outlined in 365:25-17-7 or under standards governing the conduct of a fiduciary or fiduciary relationship.
Added at 22 Ok Reg 1429, eff 5-4-05 (emergency)
Added at 23 Ok Reg 2738, eff 7-14-06
Amended at 40 Ok Reg 1628, eff 9-1-23