14VAC5-45-10. Purpose and Scope.
The purpose of this chapter is to set forth rules 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. This chapter shall apply to any recommendation to purchase, exchange, or replace an annuity made to a consumer by an agent, or insurer where no agent is involved, that results in the purchase, exchange, or replacement recommended.
Statutory Authority
§§ 12.1-13 and 38.2-223 of the Code of Virginia.
Historical Notes
Derived from Volume 23, Issue 09, eff. April 1, 2007; amended, Virginia Register Volume 33, Issue 15, eff. April 1, 2017.
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