1. A. The purpose of this regulation is:

   1. 1. to regulate the activities of insurers and producers with respect to the replacement of existing life insurance and annuities;

   2. 2. to protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions. It will:

      1. a. assure that purchasers receive information with which a decision can be made in his or her own best interest;
      2. b. reduce the opportunity for misrepresentation and incomplete disclosure; and
      3. c. establish penalties for failure to comply with requirements of this regulation.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 22:3 and R.S. 22:644.1

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Insurance, Office of the Commissioner, LR 26:1300 (June 2000).