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Details of Tracking Number  2012-01051


CCR details

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

Proposed rule

Rule ProposedRuleAttach2012-01051.DOC
Statutory Authority 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.
Comments Keenan Lorenz
Submitted in response to issues raised by COLS/OLLS? No
Is this rule adopted in response to recent legislation?
Hearing Date 01/07/2013
Hearing Time 02:00 PM
Hearing Location 1560 Broadway, Ste 850, Denver Co 80202
Contact name Christine Gonzales-Ferrer
Contact title Rulemaking Coordinator
Contact telephone 303-894-2157
Contact email christine.gonzales-ferrer@state.co.us

Adopted rule

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 03/20/2013