Wyoming Administrative Code
Agency 044 - Insurance Dept
Sub-Agency 0002 - General Agency, Board or Commission Rules
Chapter 12 - REGULATION GOVERNING REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITIES
Section 12-2 - Purpose
Universal Citation: WY Code of Rules 12-2
Current through September 21, 2024
The purpose of this Regulation is:
(a) To regulate the activities of insurers, and producers with respect to the replacement of existing life insurance and annuities.
(b) To protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement transactions by:
(i) Assuring that purchasers receive
information with which a decision can be made in his or her own best
interest;
(ii) Reducing the
opportunity for misrepresentation and incomplete disclosures; and
(iii) Establishing penalties for failure to
comply with requirements of this Regulation.
(c) To declare that failure to comply with the provisions of this Regulation will be deemed an unfair method of competition and an unfair trade practice.
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