In-force transaction definition
In-force transaction means any modification or election of a contractual provision with respect to an in-force policy that does not generate new sales compensation. New sales compensation does not include compensation provided to a producer when, after the initial premium or deposit under a policy, the consumer pays further premium or deposits pursuant to the policy. CDI ?. (1) “Best interest” means, at the time the annuity is offered, sold, issued and delivered, acting with the reasonable diligence, care, skill and prudence, that a reasonably prudent person acting in a like capacity and familiar with such matters would act, and in a manner that puts the interest of the consumer first and foremost and will not result in the producer or insurer receiving in excess of reasonable compensation.