Illinois Administrative Code
Title 50 - INSURANCE
Part 917 - LIFE INSURANCE AND ANNUITY REPLACEMENT
Section 917.80 - Duties of Insurers With Respect to Direct-Response Sales
Universal Citation: 50 IL Admin Code ยง 917.80
Current through Register Vol. 48, No. 12, March 22, 2024
Each insurer shall:
a) Require with or as part of each completed application for life insurance a statement signed by the applicant as to whether such insurance will replace existing life insurance;
b) Where no replacement is proposed by an insurer in the solicitation of a direct-response sale and a replacement is involved include a Notice Regarding Replacement of Life Insurance in a form as described in Exhibit A, at the time the policy is mailed to the applicant;
c) Where a replacement is proposed by an insurer in the solicitation of a direct-response sale and a replacement is involved:
1) Request from the applicant with
or as part of the application a list of all existing life insurance to be
replaced. Such existing life insurance shall be requested to be identified by
name of insurer;
2) If the
applicant furnishes the names of the existing insurers, then the replacing
direct-response insurer shall mail the applicant a Notice Regarding Replacement
of Life Insurance in a form substantially as described in Exhibit A within 3
working days after receipt of the application and shall comply with the
provisions of Section 224(2) of the Insurance Code, 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;
3) If the applicant
does not furnish the names of the existing insurers, then the replacing
direct-response insurer shall, at the time the policy is mailed to the
applicant, include a Notice Regarding Replacement of Life Insurance in a form
as described in Exhibit A.
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