![]() Make reasonable efforts to obtain consumer profile information from the consumer before the recommendation of an annuity.Ħ. Communicate the basis or bases of the recommendation.ĥ. (b) The consumer would benefit from certain features of the annuity, such as annuitization, death or living benefits or other insurance-related features.Ĥ. (a) The recommended option effectively addresses the consumer's financial situation, insurance needs and financial objectives over the life of the product, as evaluated in light of the consumer profile information. Have a reasonable basis to believe both of the following: Understand the available recommendation options after making a reasonable inquiry into options available to the producer.ģ. Know the consumer's financial situation, insurance needs and financial objectives.Ģ. To satisfy the care obligation, in making a recommendation, the producer shall exercise reasonable diligence, care and skill to do all of the following:ġ. The producer has acted in the best interest of the consumer if the producer has satisfied the obligations regarding care, disclosure, conflict of interest and documentation prescribed in this section.ī. When a producer makes a recommendation of an annuity, the producer shall act in the best interest of the consumer under the circumstances known at the time the recommendation is made, without placing the producer's or the insurer's financial interest ahead of the consumer's interest. ![]() Duties of insurers and producers definitionsĪ.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |