02-029-130 Me. Code R. § II
The purpose of this regulation is to provide the regulatory framework for a financial institution to enter into arrangements with an annuity agent for the sale of annuities on the financial institution's premises in order to:
Bring about parity between state and federally-chartered financial institutions;
Promote public convenience and advantage in the sale of annuities by state-chartered financial institutions;
Provide uniformity in the disclosure of annuities products to assist the public to distinguish between a deposit product that is insured by the Federal Deposit Insurance Corporation ("FDIC") or by the National Credit Union Administration ("NCUA") and an annuity that is not insured by the FDIC or NCUA; and
Ensure that financial institutions that market annuities on their premises do so in a safe and sound manner.
02-029 C.M.R. ch. 130, § II