Iowa Admin. Code r. 191-15.72
Current through Register Vol. 47, No. 11, December 11, 2024
The purpose of these rules is to require producers, as defined in rule 191-15.74 (507B), 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 times of the transactions are effectively addressed. Nothing herein shall be construed to create or imply a private cause of action for a violation of these rules or to subject a producer to civil liability under the best interest standard of care outlined in rule 191-15.75 (507B) or under standards governing the conduct of a fiduciary or a fiduciary relationship.
Iowa Admin. Code r. 191-15.72