Ill. Admin. Code tit. 50, § 917.20
Purpose
Effective Oct 28, 200226 Ill. Reg. 16504AUTHORITY: Implementing Sections 149, 151, 224(2), 236, and 500-85 and authorized by Section 401 of the Illinois Insurance Code [215 ILCS 5/149, 151, 224(2), 236, 500-85 and 401].DEPARTMENT OF INSURANCE
- a) To regulate the activities of insurers and insurance producers with respect to the replacement of existing life insurance or annuities;
b) To protect the interests of life insurance and annuity policyowners by establishing minimum standards of conduct to be observed in the replacement or proposed replacement of existing life insurance by:
- 1) Assuring that the policyowner receives information with which a decision can be made in his or her own best interest;
- 2) Reducing the opportunity for misrepresentation and incomplete disclosures.
The purpose of this Part is:
(Source: Amended at 26 Ill. Reg. 16504, effective October 28, 2002)