Illinois Administrative Code
Title 50 - INSURANCE
Part 917 - LIFE INSURANCE AND ANNUITY REPLACEMENT
Section 917.70 - Duties of Replacing Insurers

a) Require with or as part of each completed application for life insurance or annuity a statement signed by the insurance producer and the applicant as to whether or not such insurance will replace existing life insurance or annuity;

b) Where a replacement is involved, each replacing insurer shall require from the insurance producer, with the application for life insurance or annuity, a copy of the notices required in Section 917.60(b);

c) In the case of a replacement, the insurers shall comply with Section 224(2) of the Illinois Insurance Code [215 ILCS 5/224(2) ], and furnish to the applicant a copy of the Buyer's Guide pursuant to 50 Ill. Adm. Code 930.50 and forward, to the existing insurer, within 3 working days after receipt of the application, the Notice Regarding Proposed Replacement of Life Insurance or Annuity which is Exhibit B of this Part; and

d) Each replacing insurer shall maintain, at its home office for at least 3 years following the date of insurance producer's signature or date of mailing copies of the notices as required in Section 917.60(b) for all instances where an insurance producer is involved.