Section 26-A8400. PURPOSE

Latest version.

8400.1The purpose of this chapter is to require insurers to establish a system to supervise recommendations and to set forth standards and procedures for recommendations to consumers that result in transactions involving annuity products so that the insurance needs and financial objectives of consumers at the time of the transaction are appropriately addressed.

8400.2Nothing herein shall be construed to create or imply a private cause of action for a violation of this chapter.

authority

The Commissioner of the Department of Insurance, Securities, and Banking, pursuant to the authority set forth in section 125 of the Insurance Trade and Economic Development Amendment Act of 2000, effective April 3, 2001 (D.C. Law 13-265; D.C. Official Code § 31-2231.25 (2009 Repl.)).

source

Notice of Final Rulemaking published at 57 DCR 12209 (December 24, 2010).

                    
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