Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 917 - SUITABILITY IN ANNUITY TRANSACTIONS
Section 031-917-8 - Compliance; Mitigation; Penalties; Enforcement

Universal Citation: 02 ME Code Rules § 031-917-8

Current through 2024-52, December 25, 2024

1. An insurer is responsible for compliance with this rule. If a violation occurs, either because of the action or inaction of the insurer or its producer, the Superintendent may order:

A. An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this rule by the insurer, by an entity contracted to perform the insurer's supervisory duties, or by the producer;

B. A producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this rule;

C. A business entity that employs or contracts with a producer to sell, or solicit the sale, of annuities to consumers, to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this rule; and

D. Appropriate civil penalties and other disciplinary and remedial measures as provided in 10 M.R.S.A. §8003(5) and 24-A M.R.S.A. §§12-A, 417, 418, 1420-K.

2. Any applicable penalty for a violation of this rule 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.

3. As provided in 10 M.R.S.A. §8003(5) and 24 A M.R.S.A. §§12-A & 214, the authority to enforce compliance with this rule is vested with the Superintendent and with the Attorney General. Nothing in this rule shall be construed as delegating or granting enforcement authority to any other party.

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.