West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-11C - Life Insurance Illustrations
Section 114-11C-1 - General
Current through Register Vol. XLI, No. 38, September 20, 2024
1.1. Scope. -- The purpose of this rule is to provide standards for life insurance policy illustrations that will protect consumers and foster consumer education. The rule provides illustration formats, prescribes standards to be followed when illustrations are used, and specifies the disclosures that are required in connection with illustrations. The goals of this rule are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. Insurers will, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed. This rule is based on the National Association of Insurance Commissioners' "Life Insurance Illustrations Model Regulation" (Model 582), as amended in 2000.
1.2. Authority. -- W. Va. Code §§ 33-2-10 and 33-11-6.
1.3. Filing Date. -- May 5, 2008.
1.4. Effective Date. -- August 1, 2008.
