INS §10509: The purpose of this article is the following: (a) To regulate the activities of insurers and agents with respect to the replacement of existing life insurance and annuities.

The purpose of this article is the following: (a) To regulate the activities of insurers and agents 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 transactions by the following: (1) Assuring that the purchaser receives information with which a decision can be made in his or her own best interest. (2) Reducing the opportunity for misrepresentation and incomplete disclosures. (3) Establishing penalties for failure to comply with the requirements of this article.