§917.20. Purpose

The purpose of this Part is:

 

a)         To regulate the activities of insurers and insurance producers  with respect to the replacement of existing life insurance or annuities;

 

b)         To protect the interests of life insurance and annuity policyowners by establishing minimum standards of conduct to be observed in the replacement or proposed replacement of existing life insurance by:

 

1)         Assuring that the policyowner receives information with which a decision can be made in his or her own best interest;

 

2)         Reducing the opportunity for misrepresentation and incomplete disclosures.

 

(Source:  Amended at 26 Ill. Reg. 16504, effective October 28, 2002)