||10-1-109 and 10-3-1110(1)
|Description of Subjects/Issues
||4-1-4 REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITIES
|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.
|Submitted in response to issues raised by COLS/OLLS?
|Is this rule adopted in response to recent legislation?
||1560 Broadway, Ste 850, Denver Co 80202