Replacement of Life Insurance and Annuities

What this document is

31 Pa. Code Chapter 81 - Replacement of Life Insurance and Annuities is a regulation published by Pennsylvania Insurance Department (Pennsylvania Code, pacodeandbulletin.gov). It is one of the Pennsylvania documents that insurance license exam questions are written from, including pennsylvania life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 31 Pa. Code § 81.4(b)(4) (Duties of Agents and Brokers)

  “(4) Submit to the replacing insurer with the application a copy of the notice regarding replacement of life insurance and annuities provided under paragraph (1).”

• 31 Pa. Code § 81.6(a)(2)(ii) (Notice to the Existing Insurer)

  “This written communication shall be made within 5 working days of the date the application is received in the replacing insurer’s home or regional office, or the date the proposed policy or contract is issued, whichever is sooner.”

• 31 Pa. Code § 81.8(a) (Penalties: agents and brokers)

  “distinct violation and may not prevent or be considered in lieu of a proceeding against an agent or broker for violation of section 637 or section 638 of The Insurance Department Act of one thousand nine hundred and twenty-one (40 P. S. § 277 or § 278).”

• 31 Pa. Code § 81.3(6) (Exemptions: Registered Contracts)

  “(6) Registered contracts shall be exempt from the requirements of § 81.6(a)(2)(ii) and (b) (relating to duties of insurers that use agents or brokers) requiring provision of policy summary or ledger statement information. Premium or contract contribution amounts and identification of the...”

• 31 Pa. Code § 81.6(c) (Duties of insurers that use agents or brokers: maintenance of evidence)

  “The replacing insurer shall maintain evidence of the Notice Regarding Replacement of Life Insurance and Annuities, the disclosure statement and any ledger statement used, and a replacement register, cross indexed, by replacing agent and existing insurer to be replaced.”

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Questions about this source

More Pennsylvania sources

• 18 Pa.C.S. Chapter 41 - Forgery and Fraudulent Practices (§§ 4101 through 4121, 26 sections), including § 4117 Insurance fraudState statute
• 75 Pa.C.S. Chapter 17 - Financial Responsibility, the Pennsylvania Motor Vehicle Financial Responsibility Law (§§ 1701 through 1799.7, 75 sections)State statute
• The Casualty and Surety Rate Regulatory Act (Act of June 11, 1947, P.L. 538, No. 246), complete act (40 P.S. §§ 1181-1199)State statute
• 31 Pa. Code Chapter 113 - Miscellaneous Provisions, including Subchapter G, Increase in Premium and Midterm Cancellation or Nonrenewal of COMMERCIAL Property and Casualty Policies (complete chapter, §§ 113.51 through 113.88)Regulation
• 31 Pa. Code Chapter 145 - Elimination of Unfair Sex or Marital Status Discrimination in All Insurance Contracts (complete chapter, 5 sections, §§ 145.1 through 145.5)Regulation
• 31 Pa. Code Chapter 51 - Advertising of Insurance, General Provisions (complete chapter, 28 sections, §§ 51.1 through 51.61)Regulation
• 31 Pa. Code Chapter 59 - Cancellation and Refusal to Renew of Personal Residential Property and Personal Property Insurance (complete chapter, 14 sections, §§ 59.1 through 59.13)Regulation
• Pennsylvania Property and Casualty Insurance - increase in premium, midterm cancellation and nonrenewal of COMMERCIAL policies (Act of July 3, 1986, P.L. 396, No. 86), complete act (40 P.S. §§ 3401-3409)State statute