Which of these should be considered when exchanging a variable life insurance policy for a new variable universal life insurance policy?

A$)$ the suitability of a propose exchange must be determined solely by state insurance law requirements on replacement

Beer$)$ FINRA rules on sales and replacement print state insurance laws on that point, that's relieving the agent of having to comply with two different sets of disclosure requirements

C$)$ section $1035$ exchange treatment is available in this transaction

Dear$)$ the transaction is not subject to replacement regulations of both the states insurance regulators and the FINRA