LAC 37:XIII.8901. Purpose

A. The purpose of this regulation is: 1. to regulate the activities of insurers and producers with respect to the replacement of existing life insurance and annuities; 2. 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: a. assure that purchasers receive information with which a decision can be made in his or her own best interest; b. reduce the opportunity for misrepresentation and incomplete disclosure; and c. establish penalties for failure to comply with requirements of this regulation.