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-V - FINANCIAL INSTITUTION RESPONSIBILITIES
Current through 2024-38, September 18, 2024
The financial institution has on-going responsibility to ensure that the annuities sales program is in compliance with the provisions of this regulation and is consistent with the institution's strategies and objectives.
A. The financial institution shall establish a policy addressing the management of the sale of annuities. Such policy must contain provisions to insure compliance with the limitations and restrictions enumerated in this regulation. The compliance function should be independent of the operating sales program, and reported directly to the financial institution's board of directors or a designated committee thereof. The policy shall specifically prohibit the financial institution from selling or providing to any person the name of an individual that has purchased annuities through that financial institution.
B. The financial institution shall formulate, prior to engaging directly in the sale of annuities or prior to entering into an Agreement with an annuity agent, written objectives, and strategies to achieve those objectives, and shall designate an executive officer to be responsible for oversight of the on-premises annuities sales program. Policy objectives, including the process for selecting and continuing review of the contracted annuity agent, and strategies to achieve those objectives should be reviewed at least annually by the financial institution's board of directors.
