1. (a) The purpose of this part is:

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

   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 their 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 part.

Source. #7537, eff 8-1-01; ss by #9571, eff 10-21-09; ss by #12375, eff 10-21-17