Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 34.00 - The Replacement Of Life Insurance And Annuities
Section 34.01 - Purpose
Universal Citation: 211 MA Code of Regs 211.34
Current through Register 1531, September 27, 2024
The purpose of 211 CMR 34.00 is:
(1) To regulate the activities of insurers, agents and brokers 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 transactions by:
(a) Assuring that purchasers receive
information with which a decision can be made in his or her own best
interest:
(b) Reducing the
opportunity for misrepresentation and incomplete disclosures; and
(c) Establishing penalties for failure to
comply with requirements of
211 CMR 34.00.
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