Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 96.00 - Consumer Protection And Suitability In Annuity Transactions
Section 96.01 - Purpose
Current through Register 1531, September 27, 2024
(1)211 CMR 96.00 requires producers, as defined in 211 CMR 96.00, to act in the best interest of the consumer when making a recommendation of an annuity and requires insurers to establish and maintain a system to supervise recommendations so that the insurance needs and financial objectives of consumers at the time of the transaction are effectively addressed.
(2) Nothing herein shall be construed to create or imply a private cause of action for a violation of 211 CMR 96.00 or to subject a producer to civil liability under the best interest standard of care outlined in 211 CMR 96.05 or under standards governing the conduct of a fiduciary or a fiduciary relationship.