Final answer:
The statement is false. Both the producer and the insurer have obligations under the revised annuity suitability model regulation to meet the consumer best interest standard.
Step-by-step explanation:
The statement is false. Under the revised annuity suitability model regulation, both the producer and the insurer have obligations to meet the consumer best interest standard and ensure that a consumer's financial needs and objectives are addressed.
The regulation sets forth requirements for the producer, such as conducting a thorough analysis of the consumer's financial situation and providing suitable recommendations.
On the other hand, insurers are required to establish and maintain supervisory systems to reasonably ensure that producers comply with the regulation.
This updated regulation aims to enhance consumer protection and ensure that annuity transactions are conducted in the best interest of the consumer.