Md. Code Regs. 31.09.12.01

Current through Register Vol. 51, No. 22, November 1, 2024

Section 31.09.12.01 - Purpose

A. The purpose of this chapter is to require producers 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.

B. Nothing provided in this chapter shall be construed to create or imply a private cause of action for a violation of this chapter or to subject a producer to civil liability under the best interest standard of care outlined in Regulation .04 of this chapter or under standards governing the conduct of a fiduciary or a fiduciary relationship.

Regulation .01 amended effective 49:8 Md. 501, eff. 4/18/2022