Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-177 - Life Insurance Illustrations Rule
Section R590-177-9 - Annual Report; Notice to Policy Owners
Current through Bulletin 2024-06, March 15, 2024
(1) If a policy is designated as one for which an illustration will be used, the insurer shall provide each policy owner with an annual report on the status of the policy that shall contain the information in Subsection (1)(a) or (1)(b).
(2)
"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 producer. If you do not receive a current illustration of your policy within 30 days from your request, you should contact your state insurance department."
(3) Upon the request of a policy owner, an insurer shall furnish an in force illustration of current and future benefits and values based on the insurer's present illustrated scale.
(4) If, since the last annual report, an insurer has made an adverse change in a non-guaranteed element that could affect the policy, the annual report shall prominently display a notice describing the nature of the change.