Illinois Administrative Code
Title 50 - INSURANCE
Part 1406 - INDIVIDUAL AND GROUP LIFE INSURANCE POLICY ILLUSTRATIONS
Section 1406.10 - Purpose

Universal Citation: 50 IL Admin Code ยง 1406.10
Current through Register Vol. 48, No. 12, March 22, 2024

The purpose of this Part is to provide standards for both individual and group life insurance policy illustrations that will protect consumers and foster consumer education. This Part provides illustration formats, prescribes standards to be followed when illustrations are used, and specifies the disclosures that are required in connection with each illustration. This Part will ensure that illustrations do not mislead purchasers of individual or group life insurance and as a result life insurance illustrations will be more understandable, allowing consumers to make better informed decisions about coverage. Insurers will, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in the language that would be understood by a typical person within the segment of the public to which the illustration is directed.

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