Purpose

(a) The purpose of sections 38a-432a-1 to 38a-432a-8, inclusive, of the Regulations of Connecticut State Agencies is to require insurers to establish a system to supervise recommendations and to set forth standards and procedures for recommendations to consumers that result in transactions involving annuity products so that the insurance needs and financial objectives of consumers known at the time of the transaction are appropriately addressed. (b) Nothing herein shall be construed to create or imply a private cause of action for a violation of section 38a-432a-1 to 38a-432a-8, inclusive, of the Regulations of Connecticut State Agencies.