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 12-9 - Penalties

Universal Citation: WY Code of Rules 12-9

Current through September 21, 2024

(a) A violation of this Regulation shall occur if a producer or insurer recommends the replacement or conservation of an existing policy by use of a substantially inaccurate presentation or comparison of an existing contract's premiums and benefits or dividends and values, if any. Any insurer, producer, representative, officer or employee of such insurer failing to comply with the requirements of this Regulation shall be subject to such penalties as may be appropriate under the Insurance Code.

(b) Patterns of action by policy owners who purchase replacing policies from the same producer, after indicating on applications that replacement is involved, shall be deemed prima facie evidence of the producer's knowledge that replacement was intended in connection with the sale of those policies, and such patterns of action shall be deemed prima facie evidence of the producer's intent to violate this Regulation.

(c) This Regulation does not prohibit the use of additional material other than that which is required that is not in violation of this Regulation or any other statute or regulation.

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