Illinois Administrative Code
Title 50 - INSURANCE
Part 1406 - INDIVIDUAL AND GROUP LIFE INSURANCE POLICY ILLUSTRATIONS
Section 1406.60 - Standards for Supplemental Illustrations
Universal Citation: 50 IL Admin Code ยง 1406.60
Current through Register Vol. 48, No. 12, March 22, 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
Part;
2) The non-guaranteed
elements shown are not more favorable to the policyowner 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 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.
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