Current through Register Vol. 54, No. 44, November 2, 2024
(a) The
agent or broker who initiates the application shall submit to the insurer to
which an application for life insurance or annuity is presented, with or as
part of each application:
(1) A statement
signed by the applicant as part of each application as to whether replacement
of existing life insurance or annuity is involved in the transaction.
(2) A signed statement as to whether the
agent or broker knows replacement is or may be involved in the
transaction.
(b) If
replacement is involved, the agent or broker shall:
(1) Present to the applicant, not later than
at the time of taking the application, a Notice Regarding Replacement of Life
Insurance and Annuities in the form as described in Appendix A (relating to
notice regarding replacement of life insurance and annuities), or other
substantially similar form filed and accepted prior to use by the Commissioner.
The notice shall be signed by both the applicant and the agent or broker and
left with the applicant.
(2) Obtain
with or as part of each application a list of existing life insurance or
annuities, or both, to be replaced and properly identified by name of insurer,
the insured and contract number. If a contract number has not been assigned by
the existing insurer, alternative identification, such as an application or
receipt number, shall be listed.
(3) Leave with the applicant the original or
a copy of written or printed communications used for presentation to the
applicant relative to policies or annuities associated with the replacement
sale.
(4) Submit to the replacing
insurer with the application a copy of the notice regarding replacement of life
insurance and annuities provided under paragraph (1).
(c) An agent or broker who uses written or
printed communications in a conservation shall leave with the applicant the
original or a copy of materials relative to policies or annuities associated
with the replacement sale.
This section cited in 31 Pa. Code §
81.3 (relating to exemptions); and
31 Pa. Code §
81.6 (relating to duties of
insurers that use agents or
brokers).
