WAC 284-23-400. Purpose

The purpose of this regulation is: (1) To regulate the activities of insurers and insurance 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 transactions by: (a) Assuring that the purchaser receives information with which a decision can be made in his or her own best interest; (b) Reducing the opportunity for misrepresentation and incomplete disclosures; and (c) Establishing penalties for failure to comply with the requirements of this regulation.