(1) An insurer is responsible for compliance with this rule. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order:
- (a) an insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this rule by the insurer, an entity contracted to perform the insurer's supervisory duties, or by the producer;
- (b) a general agency, independent agency, or a producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this rule; and
- (c) appropriate penalties and sanctions.
- (2) Any applicable penalty under Section 31A-2-308 for a violation of this rule may be reduced or eliminated if corrective action for the consumer is taken promptly after a violation is discovered or the violation is not part of a pattern or practice.
KEY: insurance, annuity suitability
Date of Last Change: June 7, 2024
Notice of Continuation: May 21, 2024
Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-22-425