Every life insurer that uses an agent in a life insurance or annuity sale must do the following:
- Require a statement signed by the agent about whether he or she knows replacement is involved in the transaction.
- Where a replacement is involved, require agent to list the applicant's existing life insurance or annuity to be replaced, and a copy of the replacement notice.
- Identify the existing life insurance or annuity by the insurer's name, the insured, and the contract number.
- Send each existing life insurer written notice of the replacement and a policy summary, contract summary, or ledger statement with policy data on the proposed life insurance or annuity.
- Every life insurer using an agent in a life insurance or annuity sale will require a statement signed by the agent about whether he or she knows replacement is involved in the transaction.
- Where a replacement is involved, require the agent to list the applicant's existing life insurance or annuity being replaced, and provide a copy of the replacement notice.
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