West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-08 - Replacement Of Life Insurance Policies And Annuity Contracts
Section 114-8-1 - General
Current through Register Vol. XLI, No. 38, September 20, 2024
1.1. Scope. -- The purposes of this rule are to regulate the activities of insurers and producers with respect to the replacement of existing life insurance and annuities and 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 assure that purchasers receive information with which a decision can be made in his or her own best interest, reduce the opportunity for misrepresentation and incomplete disclosure, and establish penalties for failure to comply with requirements of this rule. This rule is based on the National Association of Insurance Commissioners' "Life Insurance And Annuities Replacement Model Regulation (Model 613)," as amended in 2006; the 2008 amendments to this rule reflect the promulgation of 114CSR11C, which adopted the NAIC model rule on life insurance illustrations.
1.2. Authority. -- W. Va. Code §§ 33-2-10 and 33-13-48.
1.3. Filing Date. -- May 5, 2008.
1.4. Effective Date. -- August 1, 2008.
