Texas Administrative Code
Title 28 - INSURANCE
Part 1 - TEXAS DEPARTMENT OF INSURANCE
Chapter 21 - TRADE PRACTICES
Subchapter N - LIFE INSURANCE ILLUSTRATIONS
Section 21.2210 - Annual Report; Notice to Policy Owners
Current through Reg. 50, No. 13; March 28, 2025
(a) Annual report provision. If an illustration is used in the sale of a life insurance policy after the effective date of this Subchapter, the insurer shall provide each policy owner with an annual report on the status of the policy that shall contain, at a minimum, the applicable information set out in paragraphs (1)-(3) of this subsection.
(b) Required policy owner notice. If the annual report does not include an in-force illustration, it shall contain the following notice displayed prominently: "IMPORTANT POLICY OWNER NOTICE: You should consider requesting more detailed information about your policy to understand how it may perform in the future. You should not consider replacement of your policy or make changes in your coverage without requesting a current illustration. You may annually request, without charge, such an illustration by calling (insurer's phone number), writing to (insurer's name) at (insurer's address) or contacting your agent. If you do not receive a current illustration of your policy within 30 days from your request, you should contact your state insurance department." The insurer may vary the sequential order of the methods for obtaining an in-force illustration.
(c) In-force illustration to be provided at policy owner request. Upon the request of the policy owner, the insurer shall furnish an in-force illustration of current and future benefits and values based on the insurer's present illustrated scale. This illustration shall comply with the requirements of § 21.2206(1) and (2)(A)-(L) of this title (relating to General Rules and Prohibitions); and § 21.2207(4) of this title (relating to Standards for Basic Illustrations). No signature or other acknowledgment of receipt of this illustration shall be required.
(d) Notice of change to non-guaranteed elements. If an adverse change in non-guaranteed elements that could affect the policy has been made by the insurer since the last annual report, the annual report shall contain a notice of that fact and the nature of the change prominently displayed.