Sec. 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.
Added by Acts 2007, 80th Leg., R.S., Ch. 904 (H.B. 2762), Sec. 1, eff. September 1, 2007.
Section: 1114.001 1114.002 1114.003 1114.004 1114.005 1114.006 1114.007 1114.051 1114.052 1114.053 1114.054 1114.055 1114.056 1114.057 1114.101 NextLast modified: September 28, 2016