Illinois Administrative Code
Title 50 - INSURANCE
Part 917 - LIFE INSURANCE AND ANNUITY REPLACEMENT
Section 917.60 - Duties of Insurance Producers
Universal Citation: 50 IL Admin Code ยง 917.60
Current through Register Vol. 48, No. 12, March 22, 2024
a) Each insurance producer shall submit to the replacing insurer with or as part of each application for life insurance or annuity:
1) A statement signed by the
applicant, as to whether or not such insurance will replace existing life
insurance or annuity; and
2) A
signed statement as to whether the insurance producer knows replacement is, or
may be, involved in the transaction.
b) Where a replacement is involved, the insurance producer shall:
1) Present to the
applicant, not later than at the time of taking the application, a Notice
Regarding Replacement of Life Insurance or Annuity in the form as described in
Exhibit A of this Part ; with or as part of such notice, the insurance producer
shall list the contract number or numbers which are to be replaced. The
insurance producer's signature must be affixed to the notice . A copy of the
notice presented to the applicant, together with the Notice Regarding Proposed
Replacement of Life Insurance or Annuity, as described in Exhibit B of this
Part , signed by the insurance producer, shall be submitted to the replacing
insurer with the application;
2)
Submit to the replacing insurer with the application: a copy of the Notice
Regarding Replacement of Life Insurance or Annuity, as described in Exhibit A,
signed by the insurance producer .
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