The purpose of this chapter is to:
- (1) regulate the activities of insurers and agents with respect to the replacement of existing life insurance and annuities;
- (2) protect the interests of purchasers of life insurance or annuities by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions;
- (3) ensure that purchasers receive information with which a decision in the purchaser's best interest may be made;
- (4) reduce the opportunity for misrepresentation and incomplete disclosure; and
- (5) establish penalties for failure to comply with the requirements adopted under this chapter.
Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.