§ 27-62-4. Policies to be illustrated.
(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 an illustration.
For all policy forms being actively marketed on January 1, 1999, the insurer shall
identify in writing those forms and whether or not an illustration will be used with
them. For policy forms filed after January 1, 1999, the identification shall be made
at the time of filing. Any previous identification may be changed by notice to the
commissioner.
(b) If the insurer identifies a policy
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§ 27-62-4. Policies to be illustrated.
(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 an illustration.
For all policy forms being actively marketed on January 1, 1999, the insurer shall
identify in writing those forms and whether or not an illustration will be used with
them. For policy forms filed after January 1, 1999, the identification shall be made
at the time of filing. Any previous identification may be changed by notice to the
commissioner.
(b) If the insurer identifies a policy form as one to be marketed without an illustration,
any use of an illustration for any policy using that form prior to the first policy
anniversary is prohibited.
(c) If a policy form is identified by the insurer as one to be marketed with an illustration,
a basic illustration prepared and delivered in accordance with this chapter is required,
except that a basic illustration need not be provided to individual members of a group
or to individuals insured under multiple lives coverage issued to a single applicant
unless the coverage is marketed to these individuals. The illustration furnished an
applicant for a group life insurance policy or policies issued to a single applicant
on multiple lives may be either an individual or composite illustration representative
of the coverage on the lives of members of the group or the multiple lives covered.
(d) Potential enrollees of non-term group life subject to this chapter shall be furnished
a quotation with the enrollment materials. The quotation shall show potential policy
values for sample ages and policy years on a guaranteed and non-guaranteed basis appropriate
to the group and the coverage. This quotation shall not be considered an illustration
for purposes of this chapter, but all information provided shall be consistent with
the illustrated scale. A basic illustration shall be provided at delivery of the certificate
to enrollees for non-term group life who enroll for more than the minimum premium
necessary to provide pure death benefit protection. In addition, the insurer shall
make a basic illustration available to any non-term group life enrollee who requests
it.