Ill. Admin. Code tit. 50, § 3120.10 - Purpose
a) The purpose of
this Part is to require insurance 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 in this Part shall be construed to
create or imply a private cause of action for a violation of this Part or to
subject an insurance producer to civil liability under the best interest
standard of care outlined in Section
3120.50 or under standards
governing the conduct of a fiduciary or a fiduciary relationship.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.