18 Del. Admin. Code § 503-6.0
Current through Register Vol. 28, No. 5, November 1, 2024
Section 503-6.0 - Responsibility of Licensee; Penalties6.1 Those licensed as limited representatives for fixed and guaranteed annuity shall have the same obligations and duties as are imposed on other licensees by statute and regulation. These include, but are not limited to: 6.1.1 the requirement to maintain records of insurance transactions. [18 Del.C. § 1727 (b) ]6.1.2 the representative's obligation to his client. (18 Del.C. § 1717)6.1.3 restrictions on commissions. (18 Del.C. § 1730)6.1.4 controlled business. (18 Del.C. § 1729)6.2 The sanctions described by 18 Del.C. §§ 1731 and 1732 will be applied as appropriate.6.3 Brokers-dealers sponsoring an applicant for license as a limited representative for fixed or guaranteed annuity, and each such limited representative, shall have the obligation to report to the Insurance Commissioner immediately upon receipt of knowledge of the following:6.3.1 imposition of any disciplinary sanction imposed upon him by the New York Stock Exchange.6.3.2 any judgment or injunction entered against him on the basis of conduct deemed to have involved fraud, deceit, misrepresentation, or violation of any insurance or securities law or regulation.18 Del. Admin. Code § 503-6.0