Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 130 - DISTRIBUTION OF ANNUITIES THROUGH FINANCIAL INSTITUTIONS (REG. 30)
Section 029-130-II - PURPOSE

Universal Citation: 02 ME Code Rules ยง 029-130-II
Current through 2024-38, September 18, 2024

The purpose of this regulation is to provide the regulatory framework for a financial institution to enter into arrangements with an annuity agent for the sale of annuities on the financial institution's premises in order to:

Bring about parity between state and federally-chartered financial institutions;

Promote public convenience and advantage in the sale of annuities by state-chartered financial institutions;

Provide uniformity in the disclosure of annuities products to assist the public to distinguish between a deposit product that is insured by the Federal Deposit Insurance Corporation ("FDIC") or by the National Credit Union Administration ("NCUA") and an annuity that is not insured by the FDIC or NCUA; and

Ensure that financial institutions that market annuities on their premises do so in a safe and sound manner.

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