L&HPennsylvaniamedium
Under 31 Pa. Code Chapter 81, what is the producer's principal documentation duty when a transaction involves replacement?
Complete a Disclosure Statement identifying every policy being replaced
BFile a copy of the new policy with PID before issuance
CObtain written consent from the existing insurer prior to completing the replacement transaction
DPost a $10,000 surety bond with PALHIGA before submitting any replacement application
Why this is the answer
Chapter 81 requires the producer to complete and submit a Disclosure Statement listing each existing policy being replaced, signed by both applicant and producer.
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