| Tracking Number |
2012-01051 |
| Type of Filing |
Permanent Rule |
| Department |
700 Department of Regulatory Agencies |
| Agency |
702 Division of Insurance |
| CCR Number |
3 CCR 702-4 |
| CCR Title |
LIFE, ACCIDENT AND HEALTH |
| Adopting Agency |
|
| Hearing Date |
01/07/2013 |
| Hearing Time |
02:00 PM |
| Hearing Location |
1560 Broadway, Ste 850, Denver Co 80202 |
| Proposed Rule |
ProposedRuleAttach2012-01051.DOC |
| Description of Subjects/Issues |
4-1-4 REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITIES |
| Comments |
Keenan Lorenz |
| Public Name |
Christine Gonzales-Ferrer |
| Public Title |
Rulemaking Coordinator |
| Public Telephone |
303-894-2157 |
| Public Email |
christine.gonzales-ferrer@state.co.us |
| Submitted in response to issues raised by COLS/OLLS?
N |
| Purpose/Objective of Rule |
The purpose of this regulation is:
A. To regulate the activities of insurers and producers with respect to the replacement of existing life insurance and annuities;
B. 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 by:
1. Assuring that purchasers receive information with which a decision can be made in their own best interest;
2. Reducing the opportunity for misrepresentation and incomplete disclosure; and
3. Establishing penalties for failure to comply with requirements of this regulation. |
| Statutory Authority |
10-1-109 and 10-3-1110(1) |
|
Adopted Rules
|
|
| AdoptedRules02012-01051.DOC |
| Redline |
Redline2012-01051.DOC
|
| Adopted Date |
01/22/2013 |
| Attorney General Opinion |
02/01/2013 |
| Effective Date |
04/01/2013 |
| Inserted into CCR Date |
03/20/2013 |