The purpose of this chapter is to:
(1) regulate the activities of insurers and agents with respect to the replacement of existing life insurance and annuities;
(2) protect the interests of purchasers of life insurance or annuities by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions;
(3) ensure that purchasers receive information with which a decision in the purchaser’s best interest may be made;
(4) reduce the opportunity for misrepresentation and incomplete disclosure; and
(5) establish penalties for failure to comply with the requirements adopted under this chapter.