CHAPTER 5.5. Life Insurance Policy Illustrations [10509.950. - 10509.965.]
Chapter 5.5 added by Stats. 1996, Ch. 1106, Sec. 1.
§§ 10509.950–10509.965 · 15 sections
- § 10509.950 In order to protect consumers and foster consumer education, this chapter shall govern the regulation of life insurance policy illustrations. It is the intent…
- § 10509.952 This chapter shall apply to all group and individual life insurance policies and certificates except as follows: (a) Variable life insurance. (b) Individual…
- § 10509.953 As used in this chapter: (a) “Actuarial Standards Board” means the board established by the American Academy of Actuaries to develop and promulgate standards…
- § 10509.954 (a) Each insurer marketing policies to which this chapter is applicable shall notify the commissioner whether a policy form is to be marketed with or without…
- § 10509.955 (a) An illustration used in the sale of a life insurance policy shall satisfy the applicable requirements of this chapter, be clearly labeled “life insurance…
- § 10509.956 (a) A basic illustration shall conform with the following requirements: (1) The illustration shall be labeled with the date on which it was prepared. (2) Each…
- § 10509.957 (a) A supplemental illustration may be provided if it meets all of the following requirements: (1) It is appended to, accompanied by, or preceded by a basic…
- § 10509.958 (a) (1) 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…
- § 10509.959 (a) In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policy owner with an annual report on the…
- § 10509.960 (a) The board of directors of each insurer shall appoint one or more illustration actuaries. (b) The illustration actuary shall certify that the disciplined…
- § 10509.961 In addition to any other penalties provided by law, an insurer or producer that violates any provision of this chapter shall be subject to Section 790.06.
- § 10509.962 The provisions of this chapter are severable. If any provision of this chapter or its application is held invalid, that invalidity shall not affect other…
- § 10509.963 If the commissioner has reason to believe that any insurer has violated this chapter, the commissioner may request and the insurer shall file both of the…
- § 10509.964 Review by the commissioner of illustrations, supporting materials, certifications, and any and all other materials prepared pursuant to this chapter shall be…
- § 10509.965 This chapter shall become effective on and after July 1, 1997, and shall apply to policies sold on or after that date.