Current through Register Vol. XLI, No. 38, September 20, 2024
8.1.
a. If a
basic illustration is used by an insurance producer or other authorized
representative of the insurer in the sale of a life insurance policy and the policy
is applied for as illustrated, a copy of that illustration, signed in accordance
with this rule, shall be submitted by the producer to the insurer at the time of
policy application. A copy also shall be provided to the applicant.
b. If the policy is issued other than as applied
for, a revised basic illustration conforming to the policy as issued shall be sent
with the policy. The revised illustration shall conform to the requirements of this
rule, shall be labeled "Revised Illustration" and shall be signed and dated by the
applicant or policy owner and producer or other authorized representative of the
insurer no later than the time the policy is delivered. A copy shall be provided to
the insurer and the policy owner.
8.2.
a. The
producer or representative shall certify in writing on a form provided by the
insurer if no illustration is used by an insurance producer or other authorized
representative in the sale of a life insurance policy or if the policy was applied
for other than as illustrated. On the same form, the applicant shall acknowledge
that no illustration conforming to the policy applied for was provided and that an
illustration conforming to the policy as issued will be provided no later than at
the time of policy delivery. This form shall be submitted to the insurer at the time
of policy application.
b. If the policy
is issued, a basic illustration conforming to the policy as issued shall be sent
with the policy and signed by the insurance producer no later than the time the
policy is delivered. A copy shall be provided to the insurer and the policy
owner.
8.3. If the insurer
sends the basic illustration or revised illustration to the applicant or policy
owner by mail, it shall include instructions for the applicant or policy owner to
sign the duplicate copy of the numeric summary page and return the signed copy to
the insurer. The insurer's obligation under this subsection is satisfied if it can
demonstrate that it has made a diligent effort to secure a signed copy of the
numeric summary page. An insurer has made a diligent effort if it includes in the
mailing a self-addressed postage prepaid envelope with instructions for the return
of the signed numeric summary page.
8.4.
A copy of the basic illustration and a revised basic illustration, if any, signed as
applicable, along with any certification that either no illustration was used or
that the policy was applied for other than as illustrated, shall be retained by the
insurer until three (3) years after the policy is no longer in force. A copy need
not be retained if no policy is issued.
