Louisiana Administrative Code
Title 37 - INSURANCE Part
Part XIII - Regulations
Chapter 89 - Regulation 70-Replacement of Life Insurance and Annuities
Subchapter A - General Provisions
Section XIII-8915 - Duties of Insurers with Respect to Direct Response Solicitations

Universal Citation: LA Admin Code XIII-8915

Current through Register Vol. 50, No. 9, September 20, 2024

A. In the case of an application that is initiated as a result of a direct response solicitation, the insurer shall require, with or as part of each completed application for a policy or contract, a statement asking whether the applicant, by applying for the proposed policy or contract, intends to replace, discontinue or change an existing policy or contract. If the applicant indicates a replacement or change is not intended or if the applicant fails to respond to the statement, the insurer shall send the applicant, with the policy or contract, a notice regarding replacement, as provided in Appendix B, or other substantially similar form approved by the Commissioner of Insurance.

B. If the insurer has proposed the replacement or if the applicant indicates a replacement is intended and the insurer continues with the replacement, the insurer shall:

1. provide to applicants or prospective applicants, with the policy or contract, a notice as provided in Appendix C, or other substantially similar form approved by the Commissioner of Insurance. In these instances the insurer may delete the references to the producer, including the producer's signature, and references not applicable to the product being sold or replaced, without having to obtain approval of the form from the Commissioner of Insurance. The insurer's obligation to obtain the applicant's signature shall be satisfied if the insurer can demonstrate that it has made a diligent effort to secure a signed copy of the notice referred to in this Paragraph. The requirement to make a diligent effort shall be deemed satisfied if the insurer includes in the mailing a self-addressed postage prepaid envelope with instructions for the return of the signed notice referred to in this Section; and

2. comply with the requirements of §8911. A.2 and A.3 if the applicant furnishes the names of the existing insurers, and shall comply with the requirements of §8911. A 4, §8911. A.5 and §8911. B

AUTHORITY NOTE: Promulgated in accordance with R.S. 22:3 and R.S. 22:644.1.

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