18 Del. Admin. Code § 1214-1.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 1214-1.0 - Purpose, Scope and Authority

1.1 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 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.

1.2 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 Section 4.0 of this regulation or under standards governing the conduct of a fiduciary or a fiduciary relationship.

1.3 This regulation shall apply to any sale or recommendation of an annuity.

1.4 This regulation is adopted by the Commissioner pursuant to 18 Del.C. §§ 311, 2304 and 2312. It is promulgated in accordance with 29 Del.C. Ch. 101.

18 Del. Admin. Code § 1214-1.0

24 DE Reg. 798 (2/1/2021) (final)