6.6.302 PURPOSE (1) The purpose of this subchapter is: (a) to regulate the activities of insurers and producers with respect to the replacement of existing life insurance and annuities; (b) to protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement, proposed replacement, or financed purchase transactions. It will: (i) assure that purchasers receive information with which a decision can be made in his or her own best interests; (ii) reduce the opportunity for misrepresentation and incomplete disclosures; and (iii) establish penalties for failure to comply with the requirements of this subchapter. History: Sec. 33-1-313, MCA; IMP, Sec. 33-18-204, MCA; NEW, 1978 MAR p. 1302, Eff. 12/15/78; AMD, 2001 MAR p. 2221, Eff. 1/1/02. |