La. Admin. Code tit. 37 § XIII-8901

Current through Register Vol. 50, No. 11, November 20, 2024

Section XIII-8901 - Purpose

A. The purpose of this regulation is:

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

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:

a. assure that purchasers receive information with which a decision can be made in his or her own best interest;

b. reduce the opportunity for misrepresentation and incomplete disclosure; and

c. establish penalties for failure to comply with requirements of this regulation.

La. Admin. Code tit. 37, § XIII-8901

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

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