Ala. Admin. Code r. 482-1-137-.02

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-137-.02 - Purpose

(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 482-1-137-.06 or under standards governing the conduct of a fiduciary or a fiduciary relationship.

New Rule: May 19, 2006; effective January 1, 2007. Filed with LRS May 22, 2006. Rule is not subject to the Alabama Administrative Procedure Act.

Amended by Alabama Administrative Monthly Volume XXXIV, Issue No. 10, July 29, 2016, eff. 1/1/2017.

Amended by Alabama Administrative Monthly Volume XXXIX, Issue No. 09, June 30, 2021, eff. 1/1/2022.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17; 27-12-1, et seq.