Regulation .01 Purpose.
Regulation .01 Purpose.LinkCopy Citation
The purpose of this chapter is to:
A.
Regulate the activities of insurers and insurance producers with respect to the replacement of existing life insurance and annuities; and
B.
Protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions by:
(1)
Ensuring that purchasers receive information to make a decision in the purchasers' own best interests;
(2)
Reducing the opportunity for misrepresentation and incomplete disclosure; and
(3)
Establishing penalties for failure to comply with the requirements of this chapter.