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Delaware General AssemblyDelaware RegulationsMonthly Register of RegulationsSeptember 2016

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Regulatory Flexibility Act Form

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18 DE Admin. Code 1214
This regulation is adopted by the Commissioner pursuant to 18 Del.C. §§311, 2304 and 2312. It is promulgated in accordance with 29 Del.C. Chapter 101.
“Annuity” means a fixed annuity or variable annuity that is individually solicited, whether the product is classified as an individual or group annuity.
“Insurer” means a company required to be licensed under the laws of this state to provide insurance products, including annuities.
Insurance producer means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities.
“Recommendation” means advice provided by an insurance producer, or an insurer where no producer is involved, to an individual senior consumer that results in an annuity transaction in accordance with that advice.
“Senior consumer” means a person sixty-five (65) years of age or older. In the event of a joint purchase by more than one party, the purchaser will be considered to be a senior consumer if any of the parties is age sixty-five (65) or older.
This regulation shall not create a cause of action for any person or entity, other than the Delaware Insurance Commissioner, against an insurer or its representative based upon a violation of 18 Del.C. §2304. In the same manner, nothing in this regulation shall establish a defense for any party to any cause of action based upon a violation of 18 Del.C. §2304.
1.4 This regulation is adopted by the Commissioner pursuant to 18 Del.C. §§311, 2304 and 2312. It is promulgated in accordance with 29 Del.C. Ch. 101.
The following words and terms, when used in this regulation, have the following meaning unless the context clearly indicates otherwise:
Annuity” means an annuity that is an insurance product under State law that is individually solicited, whether the product is classified as an individual or group annuity.
Continuing education credit” or “CE credit” means one continuing education credit as defined in 18 DE Admin. Code 504, Section 2.0.
Continuing education provider” or “CE Provider” means an individual or entity that is approved to offer continuing education courses pursuant to 18 DE Admin. Code 504, Section 2.0.
FINRA” means the Financial Industry Regulatory Authority or a succeeding agency.
Insurance producer” means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance, including annuities.
Insurer” means a company required to be licensed under the laws of this state to provide insurance products, including annuities.
Recommendation” means advice provided by an insurance producer, or an insurer where no producer is involved, to an individual consumer that results in a purchase, exchange or replacement of an annuity in accordance with that advice.
Replacement” means a transaction in which a new policy or contract is to be purchased, and it is known or should be known to the proposing producer, or to the proposing insurer if there is no producer, that by reason of the transaction, an existing policy or contract has been or is to be:
Suitability information” means information that is reasonably appropriate to determine the suitability of a recommendation, including the following:
6.2 Any applicable penalty under 18 Del.C. Chapters 3, 17 and/or 23 for a violation of this regulation 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.
Last Updated: December 31 1969 19:00:00.
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