Illinois Administrative Code
Title 50 - INSURANCE
Part 1551 - VARIABLE CONTRACTS
Section 1551.100 - Disclosure
Universal Citation: 50 IL Admin Code ยง 1551.100
Current through Register Vol. 48, No. 12, March 22, 2024
a) The following information shall be furnished to an applicant for a contract of variable life insurance prior to execution of the application:
1) A summary description of the insurance
company and its principal activities.
2) A summary explanation in non-technical
terms of the principal variable features of the contract and of the manner in
which any variable benefits reflect the investment experience of a separate
account.
3) A brief description of
the investment policy for the separate account with respect to such
contract.
4) A list of investments
in the separate account as of a date not earlier than the end of the last year
for which an annual statement has been filed with the Director of the state of
domicile.
5) Summary financial
statements of the insurance company and the separate account based upon the
last annual statement filed with such Director, except that for a period of 4
months after the filing of any annual statement the summary required by this
subsection (a)(5) may be based upon the annual statement, immediately preceding
such last annual statement, filed with the Director.
b) The insurance company may include such additional information as it deems appropriate.
c) A copy of the statement containing the information required by subsection (a) shall be filed with the Director prior to any use of the statement and shall be subject to disapproval if found to be inaccurate or misleading.
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