§ 82.14. Standards of suitability.
(a) An insurer seeking approval to enter into the variable life insurance business in this Commonwealth shall establish, maintain and file, at the discretion of the Commissioner, a written statement specifying the standards of suitability to be used by the insurer.
(b) The standards of suitability shall specify that no recommendation shall be made to an applicant to purchase a variable life insurance policy and that no variable life insurance policy shall be issued in the absence of reasonable grounds to believe that the purchase of the policy is suitable for the applicant on the basis of information furnished after reasonable inquiry of the applicant concerning the applicant’s insurance and investment objectives, financial situation and needs and other information known to the insurer or to the agent making the recommendation.
Source The provisions of this § 82.14 adopted August 4, 1978, effective September 5, 1978, 8 Pa.B. 2171; amended April 28, 1989, effective April 29, 1989, 19 Pa.B. 1835; corrected June 30, 1989, effective retroactive to April 29, 1989, 19 Pa.B. 2754. Immediately preceding text appears at serial page (137035).
Cross References This section cited in 31 Pa. Code § 82.11 (relating to scope).
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