The purpose of 211 CMR 34.00 is:
(1) To regulate the activities of insurers, agents and brokers 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 purchasers receive 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 requirements of 211 CMR 34.00.