Delaware Administrative Code
Title 18 - Insurance
1200 - Life Insurance and Annuities
1214 - Suitability In Annuity Transactions
Section 1214-6.0 - Compliance Mitigation; Penalties; Enforcement
Universal Citation: 18 DE Admin Code 1214-6.0
Current through Register Vol. 28, No. 3, September 1, 2024
6.1 An insurer is responsible for compliance with this regulation. If a violation occurs, either because of the action or inaction of the insurer or its producer, the Commissioner may order:
6.1.1 An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this regulation by the insurer; an entity contracted to perform the insurer's supervisory duties or by the producer;
6.1.2 A general agency, independent agency or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this regulation; and
6.1.3 Appropriate penalties and sanctions.
6.2 Any applicable penalty under 18 Del.C. Chapters 3, 17 or 23 for a violation of this regulation may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.
6.3 The authority to enforce compliance with this regulation is vested exclusively with the Commissioner.
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