Illinois Administrative Code
Title 50 - INSURANCE
Part 1406 - INDIVIDUAL AND GROUP LIFE INSURANCE POLICY ILLUSTRATIONS
Section 1406.80 - Delivery of Illustrations and Record Retention
Current through Register Vol. 48, No. 12, March 22, 2024
a) If a basic illustration:
b) If no illustration:
c) If the basic illustration or revised illustration is sent to the applicant or policyowner by mail from the insurer, it shall include instructions for the applicant or policyowner to sign the duplicate copy of the numeric summary page of the illustration for the policy issued and return the signed copy to the insurer. The insurer's obligation under this subsection shall be satisfied if it can demonstrate that it has made a diligent effort to secure a signed copy of the numeric summary page. The requirement to make a diligent effort shall be deemed satisfied if the insurer includes in the mailing a self-addressed postage pre-paid envelope with instructions for the return of the signed numeric summary page.
d) A copy of the basic illustration and a revised basic illustration, if any, signed as applicable, along with any certification that either no illustration was used or that the policy was applied for other than as illustrated, shall be retained by the insurer until 3 years after the policy is no longer in force. A copy need not be retained if no policy is issued.