North Carolina Administrative Code
Title 11 - INSURANCE
Chapter 12 - LIFE AND HEALTH DIVISION
Section .0600 - REPLACEMENT REGULATIONS
Section 12 .0601 - PURPOSE AND SCOPE
Universal Citation: 11 NC Admin Code 12 .0601
Current through Register Vol. 39, No. 6, September 16, 2024
The purpose of the rules in this Section are:
(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 that will:
(a) assure that
purchasers receive information with which a decision can be made in their own
best interest;
(b) reduce the
opportunity for misrepresentation and incomplete disclosures; and
(c) establish penalties for failure to comply
with requirements of the rules in this section.
Authority
G.S.
58-2-40;
58-3-115;
58-58-1;
58-58-40;
Eff. October
1, 1985;
Amended Eff. August 1, 2004;
Pursuant to
G.S.
150B-21.3A, rule is necessary without
substantive public interest Eff. May 1, 2018.
Disclaimer: These regulations may not be the most recent version. North Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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