New Regulation for Life Insurance and Annuity Companies

BULLETIN TO: All Life Insurance and Annuity Companies FROM: Walter A. Bell, Commissioner DATE: January 5, 2005 RE: Alabama Insurance Regulation, Chapter 482-1-133, Replaced Department Regulation No. 70 Effective January 1, 2005, this new regulation, Chapter 482-1-133, which replaces repealed Department Regulation No. 70, is to notify all the licensed life insurance and annuity companies doing business in this state and their producers of the new requirements on replacement of existing life insurance and annuity policies. Please make sure to comply with all the replacement requirements outlined in this regulation, particularly those regarding a notice to the consumer. It is the duty of the replacing insurer to inform its field representatives of the requirements of this regulation and to make sure that they are aware of the new requirements in the regulation.