# COMAR Title 31 — Maryland Insurance Administration

## Subtitle 09 — Life Insurance and Annuities

### Chapter 05 — Replacement of Life Insurance and Annuities

#### Regulation .01 Purpose.

*COMAR 31.09.05.01*

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.