Section 10. Purpose and scope

Latest version.

The purpose of this chapter is to set forth rules and procedures for recommendations to consumers that result in a transaction involving annuity products so that the insurance needs and financial objectives of consumers at the time of the transaction are appropriately addressed. This chapter shall apply to any recommendation to purchase or exchange an annuity made to a consumer by an agent, or insurer where no agent is involved, that results in the purchase or exchange recommended.

Historical Notes

Derived from Volume 23, Issue 09, eff. April 1, 2007.

Statutory Authority

§§ 12.1-13 and 38.2-223 of the Code of Virginia.

                    
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