North Carolina Administrative Code
Title 11 - INSURANCE
Chapter 04 - CONSUMER SERVICES DIVISION
Section .0500 - LIFE INSURANCE ILLUSTRATIONS
Section 04 .0506 - STANDARDS FOR SUPPLEMENTAL ILLUSTRATIONS
Universal Citation: 11 NC Admin Code 04 .0506
Current through Register Vol. 39, No. 6, September 16, 2024
(a) A supplemental illustration may be provided as long as:
(1) It is appended to, accompanied by or
preceded by a basic illustration that complies with Rule .0505 of this
Section;
(2) The non-guaranteed
elements shown are not more favorable to the policy owner than the
corresponding elements based on the scale used in the basic
illustration;
(3) It contains the
same statement required of a basic illustration that non-guaranteed elements
are not guaranteed; and
(4) For a
policy that has a contract premium, the contract premium underlying the
supplemental illustration is equal to the contract premium shown in the basic
illustration. For policies that do not require a contract premium, the premium
outlay underlying the supplemental illustration shall be equal to the premium
outlay shown in the illustration.
(b) The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements.
Authority
G.S.
58-2-40;
58-58-1;
58-58-40;
58-60-15;
58-60-20;
58-63-15;
58-63-65;
Eff. January
1, 1997;
Readopted Eff. December 1,
2021.
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