• Require advisers to sign statements with completed annuity applications that he or she knows if replacement is involved in the transaction.

When a replacement is involved:

• Advisers must list the contracts being replaced, and provide a copy of the replacement notice.
• Within 3 days of the application, notify insurance companies whose contracts are being replaced in writing. Include the contract summary or ledger statement with data on the proposed annuity.
• Replacing insurers must maintain replacement notices, contract summaries, and any ledger statements for three years, along with replacement registers, cross-indexed by the replacing agent, and the existing insurer to be replaced.
• Insurers must deliver written notice with the policy that the applicant has a right to an unconditional refund of all premiums within 30 days of delivery.
• In Variable Annuity contracts, returning the contract during the cancellation period entitles the owner to a refund of any account value and policy fee within 30 days.

When conservation efforts are undertaken:

• The replacing insurer may ask the existing insurer for a copy of the summaries or ledger statement within 5 working days of the receipt of the request.
• Insurers undertaking conservations must furnish policyholders with data on the existing annuities within 20 days of when the written notice plus the required contract materials are received by the replacing insurer.
• Insurers must maintain contract summaries or ledger statements used in conservation efforts for at least 3 years.