Section 26-A2704. STANDARDS OF SUITABILITY

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2704.1An insurer seeking approval to enter into the variable life insurance business in the District shall establish and maintain a written statement specifying the Standards of Suitability to be used by the insurer. These Standards of Suitability shall be binding on the insurer and those to whom it refers, and shall specify that no recommendation shall be made to an applicant to purchase a variable life insurance policy and that no variable life insurance policy shall be issued in the absence of reasonable grounds to believe that the purchase of such policy is suitable for the applicant concerning the applicant's insurance and investment objectives, financial situation and needs, and any other information known to the insurer or the agent making the recommendation.

source

Final Rulemaking published at 42 DCR 1047(February 24, 1995).

                    
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