Illinois Administrative Code
Title 50 - INSURANCE
Part 1406 - INDIVIDUAL AND GROUP LIFE INSURANCE POLICY ILLUSTRATIONS
Section 1406.90 - Annual Report - Notice to Policyowners
Current through Register Vol. 48, No. 12, March 22, 2024
a) In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policyowner with an annual report on the status of the policy that shall contain at least the following information:
b) If the annual report does not include an in force illustration, it shall contain the following notice displayed prominently: "IMPORTANT POLICY OWNER NOTICE: You should consider requesting more detailed information about your policy to understand how it may perform in the future. You should not consider replacement of your policy or make changes in your coverage without requesting a current illustration. You may annually request, without charge, such an illustration by calling [insurer's phone number], writing to [insurer's name] at [insurer's address] or contacting your insurance producer. If you do not receive a current illustration of your policy within 30 days from your request, you should contact the Department of Insurance." The insurer may vary the sequential order of the methods for obtaining an in force illustration.
c) Upon the request of the policyowner, the insurer shall furnish an in force illustration of current and future benefits and values based on the insurer's present illustrated scale. This illustration shall comply with the requirements of Section 1406.70(a) through (b) and Section 1406.50(a) and (e) of this Part. No signature or other acknowledgement of receipt of this illustration will be required.
d) If an adverse change in non-guaranteed elements that could affect the policy has been made by the insurer since the last annual report, the annual report shall contain a notice of that fact and the nature of the change will be prominently displayed.