# COMAR 31.09.12.01: COMAR 31.09.12.01. Purpose

> Maryland · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_01

## Section

- **Citation:** COMAR 31.09.12.01
- **Heading:** COMAR 31.09.12.01. Purpose
- **Jurisdiction:** Maryland
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Code of Maryland Regulations / Title 31 MARYLAND INSURANCE ADMINISTRATION / Subtitle 09 LIFE INSURANCE AND ANNUITIES / Chapter 12 Suitability in Annuity Transactions / COMAR 31.09.12.01

## Text

A. The purpose of this chapter is to require producers 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.
B. Nothing provided in this chapter 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 Regulation .04 of this chapter or under standards governing the conduct of a fiduciary or a fiduciary relationship.

## Nearby sections

- [COMAR 31.09.12.01 COMAR 31.09.12.01. Purpose](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_01.md)
- [COMAR 31.09.12.02 COMAR 31.09.12.02. Scope](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_02.md)
- [COMAR 31.09.12.03 COMAR 31.09.12.03. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_03.md)
- [COMAR 31.09.12.04 COMAR 31.09.12.04. Best Interest Obligations](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_04.md)
- [COMAR 31.09.12.05 COMAR 31.09.12.05. Supervision System](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_05.md)
- [COMAR 31.09.12.06 COMAR 31.09.12.06. Prohibited Practices](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_06.md)
- [COMAR 31.09.12.07 COMAR 31.09.12.07. Safe Harbor](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_07.md)
- [COMAR 31.09.12.08 COMAR 31.09.12.08. Producer Training](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_08.md)
- [COMAR 31.09.12.09 COMAR 31.09.12.09. Compliance and Penalties](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_09.md)
- [COMAR 31.09.12.10 COMAR 31.09.12.10. Record Keeping](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_10.md)
- [COMAR 31.09.12.11 COMAR 31.09.12.11. Producer Disclosure for Annuities Form](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_11.md)
- [COMAR 31.09.12.12 COMAR 31.09.12.12. Consumer Refusal to Provide Information Form](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_12.md)
- [COMAR 31.09.12.13 COMAR 31.09.12.13. Consumer Decision to Purchase Annuity Not Based on Recommendation Form](https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_13.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MD_COMAR_31_09_12_01. Check the current official text before relying on it. Not legal advice.