Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 09 - LIFE INSURANCE AND ANNUITIES
Chapter 31.09.05 - Replacement of Life Insurance and Annuities
Section 31.09.05.01 - Purpose
Universal Citation: MD Code Reg 31.09.05.01
Current through Register Vol. 51, No. 19, September 20, 2024
The purpose of this chapter is to:
A. Regulate the activities of insurers and insurance producers with respect to the replacement of existing life insurance and annuities; and
B. Protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions by:
(1) Ensuring that purchasers receive information to make a decision in the purchasers' own best interests;
(2) Reducing the opportunity for misrepresentation and incomplete disclosure; and
(3) Establishing penalties for failure to comply with the requirements of this chapter.
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