Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 700 - Insurance Licensing
Chapter 1 - Insurance Producers
Section 20 CSR 700-1.146 - Recommendations of Variable Life Insurance to Customers (Suitability)
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This amendment makes this rule only applicable to the offer, sale, or exchange of variable life contracts. The department is amending this rule by removing all language that relates to annuity recommendations. The department's proposed rule, 20 CSR 400-5.900 Suitability in Annuity Transactions, is replacing the language contained in this rule.
PURPOSE: This rule effectuates and aids in the interpretation of section 375.141.1(8), RSMo, with respect to the codification of professional standards of conduct in the recommendation of variable life insurance contracts. Failure to meet these standards constitutes the demonstration of incompetence, untrustworthiness, or financial irresponsibility of producers in the offer, sale, or exchange of variable life contracts.
(1) The standards of conduct codified in this rule reflect the professionalism of a licensed insurance producer. Grounds for the discipline or disqualification of producers shall include, in addition to other grounds specified in section 375.141, RSMo, failure to comply with or violation of the following professional standards of conduct:
*Original authority: 374.040, RSMo 1939, amended 1967; 374.045, RSMo 1967, amended 1993, 1995; 375.013, RSMo 1993, amended 1995; 375.143, RSMo 2007; and 376.309, RSMo 1963, amended 1969, 1983, 1992, 1993, 2007.