Current through September 17, 2024
009.01
009.01(1) If a basic illustration is used by
an insurance producer or other authorized representative of the insurer in the
sale of a life insurance policy and the policy is applied for as illustrated, a
copy of that illustration, signed in accordance with this regulation, shall be
submitted to the insurer at the time of policy application. A copy also shall
be provided to the applicant.
009.01(2) If the policy is issued other than
as applied for, a revised basic illustration conforming to the policy as issued
shall be sent with the policy. The revised illustration shall conform to the
requirements of this regulation, shall be labeled "Revised Illustration" and
shall be signed and dated by the applicant or policyowner and producer or other
authorized representative of the insurer no later than the time the policy is
delivered. A copy shall be provided to the insurer and the
policyowner.
009.02
009.02(1) If no illustration is used by an
insurance producer or other authorized representative in the sale of a life
insurance policy or if the policy is applied for other than as illustrated, the
producer or representative shall certify to that effect in writing on a form
provided by the insurer. On the same form the applicant shall acknowledge that
no illustration conforming to the policy applied for was provided and shall
further acknowledge an understanding that an illustration conforming to the
policy as issued will be provided no later than at the time of policy delivery.
This form shall be submitted to the insurer at the time of policy
application.
009.02(2) If the
policy is issued, a basic illustration conforming to the policy as issued shall
be sent with the policy and signed no later than the time the policy is
delivered. A copy shall be provided to the insurer and the
policyowner.
009.03 If
the basic illustration or revised illustration is sent to the applicant or
policyowner by mail from the insurer, it shall include instructions for the
applicant or policyowner to sign the duplicate copy of the numeric summary page
of the illustration for the policy issued and return the signed copy to the
insurer. The insurer's obligation under this subsection shall be satisfied if
it can demonstrate that it has made a diligent effort to secure a signed copy
of the numeric summary page. 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 numeric
summary page.
009.04 A copy of the
basic illustration and a revised basic illustration, if any, signed as
applicable, along with any certification that either no illustration was used
or that the policy was applied for other than as illustrated, shall be retained
by the insurer until three (3) years after the policy is no longer in force. A
copy need not be retained if no policy is issued.
