044-12 Wyo. Code R. §§ 12-5 - Duties of Producers

(a) Each producer who initiates the application shall submit to the insurer to which an application for life insurance or annuity is presented, with or as part of each application:

(i) A statement signed by the applicant as to whether replacement of existing life insurance or annuity is involved in the transaction; and

(ii) A signed statement as to whether the producer knows replacement is or may be involved in the transaction.

(b) Where a replacement is involved, the producer shall:

(i) Present to the applicant, not later than at the time of taking the application, a "Replacement Notice" in the form as described in Exhibit A, or other substantially similar form approved by the Commissioner. The Notice shall be signed by both the applicant and the producer and left with the applicant. The "Replacement Notice" shall include any applicable surrender charges of the policy being replaced, any sales charges applicable to the policy being purchased, and any surrender periods and/or charges applicable to the new policy being purchased.

(ii) Obtain with or as part of each application a list of all existing life insurance and/or annuity to be replaced and properly identified by name of insurer, the insured and contract number. If a contract number has not been assigned by the existing insurer, alternative identification, such as an application or receipt number, shall be listed.

(iii) Leave with the applicant the original or a copy of written or printed communications used for presentation to the applicant.

(iv) Submit to the replacing insurer with the application a copy of the Replacement Notice provided pursuant to Section 5(b)(i).

(c) Each producer who uses written or printed communications in a conversation shall leave with the applicant the original or a copy of such materials used.

Notes

044-12 Wyo. Code R. §§ 12-5