Code of Massachusetts Regulations
211 CMR - DIVISION OF INSURANCE
Title 211 CMR 34.00 - The Replacement Of Life Insurance And Annuities
Section 34.07 - Duties of Insurers with Respect to Direct Response Sales
Current through Register 1531, September 27, 2024
(1) If in the solicitation of a direct response sale, the insurer did not propose the replacement, and a replacement is involved, the insurer shall send to the applicant the notice regarding replacement or other substantially similar form approved by the commissioner. In such instances the insurer may delete the last sentence and the references to signatures from such notice without having to obtain approval of the form from the commissioner.
(2) If the insurer proposed the replacement it shall:
(3) Cost indices and equivalent level annual dividend figures need not be included in the policy summary. The written communication required by 211 CMR 34.07(2)(c) shall be made within seven working days of the date the application is received in the replacing insurer's home or regional office, or the date the proposed policy or contract is issued, whichever is sooner, if the applicant furnishes the names of the existing insurers. The replacing insurer shall maintain evidence of the notice regarding replacement, the policy summary and any ledger statements used. The existing insurer shall maintain evidence of policy summaries and any ledger statements used in any conservation. Evidence that all requirements were met shall be maintained for at least three years or until the conclusion of the next succeeding regular examination by the insurance department of its state of domicile, whichever is earlier.