§ 27-62-8. Delivery of illustration and record retention.
(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 the policy is applied for
as illustrated, a copy of that illustration, signed in accordance with this chapter,
shall be submitted to the insurer at the time of policy application. A copy also shall
be provided to the applicant.
(2) 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 illustra
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§ 27-62-8. Delivery of illustration and record retention.
(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 the policy is applied for
as illustrated, a copy of that illustration, signed in accordance with this chapter,
shall be submitted to the insurer at the time of policy application. A copy also shall
be provided to the applicant.
(2) 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 regulation, 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.
(b)(1) 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 is applied for other than
as illustrated, the producer or representative shall certify to that effect in writing
on a form provided by the insurer. On the same form the applicant shall acknowledge
that no illustration conforming to the policy applied for was provided, and shall
further acknowledge an understanding 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.
(2) If the policy is issued, a basic illustration conforming to the policy as issued shall
be sent with the policy and signed no later than the time the policy is delivered.
A copy shall be provided to the insurer and the policy owner.
(c) If the basic illustration or revised illustration is sent to the applicant or policy
owner by mail from the insurer, it shall include instructions for the applicant or
policy owner to sign the duplicate copy of the numeric summary page of the illustration
for the policy issued and return the signed copy to the insurer. The insurer's obligation
under this subsection shall be satisfied if it can demonstrate that it has made a
diligent effort to secure a signed copy of the numeric summary page. The requirement
to make a diligent effort shall be deemed satisfied if the insurer includes in the
mailing a self-addressed postage prepaid envelope with instructions for the return
of the signed numeric summary page.
(d) 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.