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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 45. Rules Governing Suitability in Annuity Transactions
11/4/2024

14VAC5-45-10. Purpose and scope.

The purpose of this chapter is to require agents, as defined in this chapter, to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed. This chapter shall apply to any sale or recommendation of an annuity.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 23, Issue 9, eff. April 1, 2007; amended, Virginia Register Volume 33, Issue 15, eff. April 1, 2017; Volume 37, Issue 23, eff. September 1, 2021.

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