TITLE 41

INSURANCE

CHAPTER 19

LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS

41-1940D.  ANNUITY CONSUMER PROTECTION — COMPLIANCE MITIGATION. An insurer is responsible for compliance with the annuity consumer protections act. If a violation occurs, either because of the action or inaction of the insurer or its producer, the director 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, by an entity contracted to perform the insurer’s supervisory duties, or by the producer;

(2)  A general agency, an independent agency, or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer’s violation of this regulation; and

(3)  Appropriate penalties and sanctions.

History:

[41-1940D, added 2021, ch. 41, sec. 6, p. 120.]