- (1) The purpose of this Chapter is to require producers, as defined in this Chapter, 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 Chapter or to subject a producer to civil liability under the best interest standard of care outlined in rule 0780-01-86-.06 of this Chapter or under standards governing the conduct of a fiduciary or a fiduciary relationship.
Authority: T.C.A. §§ 56-2-301, 56-2-305, 56-3-508, 56-6-112, 56-6-124, and 56-8-101, et seq. Administrative History: Original rule filed April 22, 2008; effective July 6, 2008. Repeal and new rule filed August 3, 2015; effective November 1, 2015. Amendments filed January 17, 2023; effective April 17, 2023.