Every life insurer shall do the following:
(a) Inform its field representatives or other personnel responsible for compliance with this article of the requirements of this article.
(b) Require with, or as part of, each completed application for life insurance or annuity a statement signed by the applicant as to whether such proposed insurance or annuity will replace existing life insurance or annuity.
(Added by Stats. 1990, Ch. 963, Sec. 1.)