210 Neb. Admin. Code, ch. 19, § 002

Current through September 17, 2024

Section 210-19-002 - Purpose

The purpose of this Rule is:

002.01 To regulate the activities of insurers and producers with respect to the replacement of existing life insurance and annuities;

002.02 To protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement transactions or financed purchases by:

002.02A Assuring that the purchasers receive information with which a decision can be made in his or her own best interest;

002.02B Reducing the opportunity for misrepresentation and incomplete disclosures; and

002.02C Establishing penalties for failure to comply with the requirements of this Rule.

002.03 To declare that failure to comply with the provisions of this Rule will be deemed an unfair method of competition and an unfair trade practice.

002.04 This Rule is issued for the purpose of defining certain minimum standards which, if violated, would constitute a violation of Neb. Rev. Stat. § 44-1525.

210 Neb. Admin. Code, ch. 19, § 002