| Notice Filed with SOS |
11/30/2018 |
| Rule |
ProposedRuleAttach2018-00654.doc |
| Statutory Authority |
10-1-109 and 10-3-1110(1) |
| Description of Subjects/Issues |
4-1-4 REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS - The purpose of this regulation is:
A.To regulate the activities of insurers and insurance producers with respect to the replacement of existing life insurance policies and annuities annuity contracts;and
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 willby:
1.Assureing that purchasers receive information with which a decision can be made in their own best interest;
2.Reduceing the opportunity for misrepresentation and incomplete disclosure; and
3.Establishing penalties for failure to comply with requirements of this regulation. |
| Purpose/Objective of Rule |
The purpose of this regulation is:
A.To regulate the activities of insurers and insurance producers with respect to the replacement of existing life insurance policies and annuity contracts; and
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 will:
1.Assure that purchasers receive information with which a decision can be made in their own best interest;
2.Reduce the opportunity for misrepresentation and incomplete disclosure; and
3.Establish penalties for failure to comply with requirements of this regulation. |
| Submitted in response to issues raised by COLS/OLLS? |
No
|
| Is this rule adopted in response to recent legislation? |
No
|
| Hearing Date |
01/03/2019 |
| Hearing Time |
10:00 AM |
| Hearing Location |
1560 Broadway, Ste 110D, 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 |