(a) implement the New York Insurance Law by regulating the acts and practices of insurers, insurance agents, insurance brokers and other licensees of the department with respect to the internal and external replacement of life insurance policies and annuity contracts; and

(b) protect the interests of the public by establishing minimum standards of conduct to be observed in the replacement or proposed replacement of life insurance policies and annuity contracts; by making available full and clear information on which an applicant for life insurance or annuities can make a decision in his or her own best interest; by reducing the opportunity for misrepresentation and incomplete comparison in replacement situations (commonly referred to as twisting); and by precluding unfair methods of competition and unfair practices.