18 Del. Admin. Code § 1204-9.0

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

Section 1204-9.0 - Penalties

9.1 A violation of this regulation shall occur if an agent, broker or insurer recommends the replacement or conservation of an existing policy by use of a substantially inaccurate presentation or comparison of an existing contract's premiums and benefits or dividends and values, if any. Any insurer, agent, representative, officer or employee of such insurer failing to comply with the requirements of this regulation shall be subject to such penalties as may be appropriate under the Insurance Laws.

9.2 Patterns of action by the policyowners who purchase replacing policies from the same agent or broker after indicating on the application that no replacement was involved, shall be deemed prima facie evidence of the agent or broker's knowledge that replacement was intended in connection with the sale of those policies, and such patterns of action shall be deemed prima facie evidence of the agent or broker's intent to violate this regulation.

9.3 This regulation does not prohibit the use of additional material other than that which is required that is not in violation of the regulation or any other statute or regulation.

18 Del. Admin. Code § 1204-9.0