Section 0780-01-86-.01 - PURPOSE(1) The purpose of this Chapter is to require producers, as defined in this Chapter, to act in the best interest of the consumer when making a recommendation of an annuity and to require 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 this Chapter or to subject a producer to civil liability under the best interest standard of care outlined in rule 0780-01-86-.06 of this Chapter or under standards governing the conduct of a fiduciary or a fiduciary relationship.Tenn. Comp. R. & Regs. 0780-01-86-.01
Original rule filed April 22, 2008; effective July 6, 2008. Repeal and new rule filed August 3, 2015; effective November 1, 2015. Amendments filed January 17, 2023; effective 4/17/2023.Authority: T.C.A. §§ 56-2-301, 56-2-305, 56-3-508, 56-6-112, 56-6-124, and 56-8-101 et seq.