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SUITABILITY IN ANNUITY TRANSACTIONS MODEL …

NAIC MODEL Laws, Regulations, Guidelines and Other Resources Spring 2020 2020 National Association of Insurance Commissioners 275-1 SUITABILITY IN ANNUITY TRANSACTIONS MODEL REGULATION Table of Contents Section 1. Purpose Section 2. Scope Section 3. Authority Section 4. Exemptions Section 5. Definitions Section 6. Duties of Insurers and Producers Section 7. Producer Training Section 8. Compliance Mitigation; Penalties; Enforcement Section 9. Recordkeeping Section 10. Effective Date Appendix A. Insurance Agent (Producer) Disclosure For Annuities Appendix B. Consumer Refusal to Provide Information Appendix C.

B. Nothing herein shall be construed to create or imply a private cause of action for a violation of this regulation or to subject a producer to civil liability under the best interest standard of care outlined in Section 6 of this regulation or under standards governing the conduct of a fiduciary or a fiduciary relationship.

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