Ill. Admin. Code tit. 50, § 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.
Notes
Amended at 26 Ill. Reg. 16504, effective October 28, 2002
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