Section 760IAC1-72-1. Purpose and scope

   (a) The purpose of this rule is to set forth standards and procedures for recommendations to consumers that result in a transaction involving annuity products so that the insurance needs and financial objectives of consumers at the time of the transaction are appropriately addressed.

  (b) This rule shall apply to any recommendation to purchase or exchange an annuity made to a consumer by an insurance producer, or an insurer where no producer is involved, that results in the purchase or exchange recommended.

  (c) Nothing in this rule shall be construed to create or imply a private cause of action for a violation of this rule. (Department of Insurance; 760 IAC 1-72-1; filed Feb 16, 2006, 8:25 a.m.: 29 IR 2192, eff Jul 1, 2006; filed Jan 27, 2009, 9:51 a.m.: 20090225-IR-760080058FRA; readopted filed Nov 20, 2015, 9:25 a.m.: 20151216-IR-760150341RFA)