| Notice Filed with SOS |
11/30/2012 |
| 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 |