Louisiana Administrative Code
Title 37 - INSURANCE Part
Part XIII - Regulations
Chapter 89 - Regulation 70-Replacement of Life Insurance and Annuities
Subchapter A - General Provisions
Section XIII-8901 - Purpose
Universal Citation: LA Admin Code XIII-8901
Current through Register Vol. 50, No. 9, September 20, 2024
A. The purpose of this regulation is:
1. to regulate the
activities of insurers and producers with respect to the replacement of
existing life insurance and annuities;
2. 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:
a. assure that purchasers receive information
with which a decision can be made in his or her own best interest;
b. reduce the opportunity for
misrepresentation and incomplete disclosure; and
c. establish penalties for failure to comply
with requirements of this regulation.
AUTHORITY NOTE: Promulgated in accordance with R.S. 22:3 and R.S. 22:644.1
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