Section 1114.001 - Purpose The purpose of this chapter is to:
(1) regulate the activities of insurers and agents with respect to the replacement of existing life insurance and annuities;(2) protect the interests of purchasers of life insurance or annuities by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions;(3) ensure that purchasers receive information with which a decision in the purchaser's best interest may be made;(4) reduce the opportunity for misrepresentation and incomplete disclosure; and(5) establish penalties for failure to comply with the requirements adopted under this chapter.Tex. Ins. Code § 1114.001
Added by Acts 2007, 80th Leg., R.S., Ch. 904, Sec. 1, eff. 9/1/2007.