§ 10509.957. — 10509.957. (Added by Stats. 1996, Ch. 1106, Sec. 1.)

California § 10509.957.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 2.: DIVISION 2. CLASSES OF INSURANCE
• Part 2.: PART 2. LIFE AND DISABILITY INSURANCE
• Ch. 5.5.: CHAPTER 5.5. Life Insurance Policy Illustrations

Text

(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 illustration that complies with this chapter.
(2)
The nonguaranteed elements shown are not more favorable to the policy owner than the corresponding elements based on the scale used in the basic illustration.
(3)
It contains the same statement as required of a basic illustration under subdivision (d) of Section 10509.956 that nonguaranteed elements are not guaranteed.
(4)
For a policy that has a contract premium, the contract premium underlying the supplemental illustration is equal to the contract premium shown in the basic illustration. For policies that do not require a contract premium, the premium outlay underlying the supplemental illustration shall be equal to the premium outlay shown in the basic illustration.
(b)
The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.
(c)
If cost indices are required by Chapter 5.6 (commencing with Section 10509.970), they may be provided by means of a supplemental illustration or included in the basic illustration. Those indices shall be based on nonguaranteed elements calculated according to the standards required in this chapter.

Legislative History

Added by Stats. 1996, Ch. 1106, Sec. 1. Effective January 1, 1997. Section operative July 1, 1997, pursuant to Section 10509.965.