Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-114 - LIFE INSURANCE ILLUSTRATIONS
Section 482-1-114-.08 - Standards For Supplemental Illustrations
Universal Citation: AL Admin Code R 482-1-114-.08
Current through Register Vol. 43, No. 02, November 27, 2024
A. A supplemental illustration may be provided so long as:
(1) It is appended to,
accompanied by or preceded by a basic illustration that complies with this
chapter;
(2) The non-guaranteed
elements shown are not more favorable to the policy owner than the
corresponding elements based on the scale used in the basic
illustration;
(3) It contains the
same statement required of a basic illustration that non-guaranteed elements
are not guaranteed; and
(4) For a
policy that has a contract premium, the contract premium underlying the
supplemental illustration is equal to the contract premium shown in the basic
illustration. For policies that do not require a contract premium, the premium
outlay underlying the supplemental illustration shall be equal to the premium
outlay shown in the basic illustration.
B. The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, § 27-2-17.
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