L&HMAmedium
How does 211 CMR 34.00 address replacement transactions sold by a direct-response insurer where no producer interacts with the Massachusetts applicant?
ADirect-response replacements are wholly exempt from the rule
BOnly the existing insurer's notice obligations apply; the replacing insurer is excused
CThe applicant must hire an independent producer to deliver the notice
The insurer must itself provide the Notice Regarding Replacement
Why this is the answer
211 CMR 34.00 extends the replacement framework to direct-response transactions by requiring the insurer itself to give the applicant the Notice Regarding Replacement when no producer is involved; in a direct-response sale the insurer may drop the notice's signature lines.
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