W. Va. Code R. § 114-11B-1

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-11B-1 - General

1.1. Purpose. -- The purpose of this rule is to require producers, as defined in this rule, 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. This rule is based on the National Association of Insurance Commissioners' "Suitability in Annuity Transactions Model Regulation" (Model 275), as amended in the 1^st quarter of 2020.

1.2. Authority. -- W. Va. Code §§ 33-2-10 and 33-11-6.

1.3. Filing Date. -- March 29, 2023.

1.4. Effective Date. -- June 8, 2023.

1.5. Sunset Provision. -- This rule shall terminate and have no further force or effect on August 1, 2028.

W. Va. Code R. § 114-11B-1