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-VIII - DISCLOSURES

Universal Citation: 02 ME Code Rules ยง 029-130-VIII

Current through 2024-38, September 18, 2024

A financial institution or its affiliate or any third-party annuities agent that sells, or arranges for the sale of annuities on the premises of a financial institution, shall:

A. Conspicuously post a notice that is clearly visible to anyone who may purchase annuities that annuities are not deposit accounts insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration.

B. Orally inform a prospective purchaser of annuities that annuities are not deposit accounts insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration.

C. Before a sale of annuities is completed, provide a written disclosure to the customer containing the following statements:

(1) Annuities are not bank (or credit union) deposits and are not insured by the Federal Deposit Insurance Corporation or National Credit Union Administration;

(2) Annuities are not obligations of, or guaranteed by, the financial institution; and

(3) Annuities may involve investment risks, including possible loss of principal.

D. Before a sale of annuities is completed, the financial institution or the annuity agent must obtain a written statement signed by the purchaser of the annuities stating that the purchaser has received the oral and written notices required by this section.

Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.