The purpose of this chapter is to:
A. Regulate the activities of insurers and insurance producers with respect to the replacement of existing life insurance and annuities; and
B. 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 to make a decision in the purchasers' own best interests;
(2) Reducing the opportunity for misrepresentation and incomplete disclosure; and
(3) Establishing penalties for failure to comply with the requirements of this chapter.