Rhode Island Code of Regulations
Title 230 - Department of Business Regulation
Chapter 20 - Insurance
Subchapter 25 - LIFE AND ANNUITIES
Part 1 - Suitability in Annuity Transactions
Section 230-RICR-20-25-1.8 - Compliance, Mitigation, Penalties; Enforcement
Universal Citation: 230 RI Code of Rules 20 25 1.8
Current through September 18, 2024
A. An insurer is responsible for compliance with this Part. If a violation occurs, either because of the action or inaction of the insurer or its producer, the Commissioner may order:
1. An insurer to take
reasonably appropriate corrective action for any consumer harmed by a failure
to comply with this Regulation by the insurer, an entity contracted to perform
the insurer's supervisory duties or by the producer;
2. A general agency, independent agency or
the producer to take reasonably appropriate corrective action for any consumer
harmed by the producer's violation of this Part; and
3. Appropriate penalties and
sanctions.
B. Any applicable penalty under R.I. Gen. Laws §§ 27-29-6 and 42-14-16 for a violation of this Part 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.
C. The authority to enforce compliance with this Regulation is vested exclusively with the commissioner.
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