Illinois Administrative Code
Title 50 - INSURANCE
Part 917 - LIFE INSURANCE AND ANNUITY REPLACEMENT
Section 917.20 - Purpose
Universal Citation: 50 IL Admin Code ยง 917.20
Current through Register Vol. 48, No. 12, March 22, 2024
The purpose of this Part is:
a) To regulate the activities of insurers and insurance producers with respect to the replacement of existing life insurance or annuities;
b) To protect the interests of life insurance and annuity policyowners by establishing minimum standards of conduct to be observed in the replacement or proposed replacement of existing life insurance by:
1) Assuring
that the policyowner receives information with which a decision can be made in
his or her own best interest;
2)
Reducing the opportunity for misrepresentation and incomplete
disclosures.
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