191—16.21(507B) Purpose.
	16.21(1) The purpose of these rules 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 or financed purchase transactions by:
	(1)	Ensuring that purchasers receive information with which a decision can be made in the purchaser’s own best interest;
	(2)	Reducing the opportunity for misrepresentation and incomplete disclosure; and
	(3)	Establishing penalties for failure to comply with requirements of these rules.
	16.21(2) These rules are authorized by Iowa Code section 507B.12 and are intended to implement Iowa Code section 507B.4.
[ARC 7735C, IAB 3/20/24, effective 4/24/24]