Statutory authority
Statute Interpreted: s.
560.04, Stats.
Staff time required
Rule drafting and internal processing to announce public hearings 20 hours
Conducting public hearings & summarizing hearing comments 8 hours
Preparing rules in final draft form for legislative review
8 hours
Prepare rule for adoption and file adopted rule 4 hours
Total: 40 hours
Insurance
Subject
Regarding s.
Ins 2.07, Wis. Adm. Code, relating to Replacement of Life Insurance or Annuity Contracts; Disclosure Requirements.
Objective of the rule. The purpose of this rule is to protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions.
Policy analysis
A description of existing policies relevant to the rule and of new policies proposed to be included in the rule and an analysis of policy alternatives: This rule expands the coverage of marketing practices addressed under current rules to assure that purchasers receive adequate information and to reduce the opportunity for misrepresentation and incomplete disclosure.
Statutory authority
Staff time required
100 hours.
Insurance
Subject
Regarding s.
Ins 2.18, Wis. Adm. Code, relating to Senior Protection In Annuity Transactions
Objective of the rule. The purpose of this rule is to set forth minimum standards and procedures for insurers and insurance intermediaries who make recommendations to insurance consumers aged sixty-five (65) years or older on transactions involving annuity products. The requirements of this section are in addition to and not a substitute for the requirements set forth in ss.
Ins 2.14,
2.15,
2.16 and
2.17.
Policy analysis
A description of existing policies relevant to the rule and of new policies proposed to be included in the rule and an analysis of policy alternatives: This rule addresses marketing practices not specifically covered under current rules. The provisions of this rule shall apply to any recommendation involving a senior insurance consumer and the sale, surrender, or other disposition of an annuity.
Statutory authority
Staff time required
100 hours.
