Pennsylvania Code
Title 31 - INSURANCE
Part IV - Life Insurance
Chapter 81 - REPLACEMENT OF LIFE INSURANCE AND ANNUITIES
Section 81.7 - Duties of insurers with respect to direct response sales
Universal Citation: 31 PA Code ยง 81.7
Current through Register Vol. 54, No. 44, November 2, 2024
(a) If in the solicitation of a direct response sale, the insurer did not propose the replacement and a replacement is involved, the insurer shall:
(1) Send to the applicant with the policy a
Notice Regarding Replacement of Life Insurance and Annuities in the form as
described in Appendix A or Appendix B (relating to notice regarding replacement
of life insurance and annuities) or other substantially similar form filed and
accepted prior to use by the Commissioner. In such instances, the insurer may
delete the last sentence and the references to signatures from Appendix A
without having to refile the form and obtain acceptance prior to use by the
Commissioner.
(2) Comply with the
requirements of §
81.6(d) (relating
to duties of insurers that use agents or brokers).
(b) If in the solicitation of a direct response sale, the insurer proposed the replacement and a replacement is involved, the insurer shall:
(1) Provide to
applicants or prospective applicants with or as a part of the application a
Notice Regarding Replacement of Life Insurance and Annuities in the form as
described in Appendix A or Appendix B or other substantially similar form filed
and accepted prior to use by the Commissioner. In such instances the insurer
may delete the last sentence and the references to signatures from Appendix A
without having to refile the form and obtain acceptance prior to use by the
Commissioner.
(2) Upon request of
the applicant or prospective applicant, provide written or printed
communications relative to policies or annuities associated with the
replacement sale.
(3) Request from
the applicant with or as part of the application, a list of existing life
insurance or annuity to be replaced and properly identified by name of insurer
and insured.
(4) Comply with the
requirements of §
81.6(a)(2)(ii),
if the applicant furnishes the name of the existing insurers, and the
requirements of §
81.6(c), except
that it need not maintain a replacement register, and the requirements of
§ 81.6(d).
This section cited in 31 Pa. Code § 81.3 (relating to exemptions).
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