18 Del. Admin. Code § 1204-1.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 1204-1.0 - Purpose

1.1 The purpose of this regulation is:

1.1.1 To regulate the activities of insurers, agents and brokers with respect to the replacement of existing life insurance and annuities.

1.1.2 To protect the interests of life insurance and annuity purchasers by establishing minimum standards to be observed in replacement transactions by:

1.1.2.1 Assuring that purchasers who wish to receive information with which a decision can be made in his or her own best interest receive that information in a timely manner;

1.1.2.2 Reducing the opportunity for misrepresentation and incomplete disclosures; and

1.1.2.3 Establishing penalties for failure to comply with requirements of this regulation.

18 Del. Admin. Code § 1204-1.0