Idaho Administrative Code › Title IDAPA 18 - Insurance, Department of › Rule 18.03.04 - REPLACEMENT OF LIFE INSURANCE AND ANNUITIES › Section 18.03.04.014 - DUTIES OF INSURERS THAT USE AGENTS OR BROKERS

Current through August 31, 2023
Each insurer that uses an agent or broker in a life insurance
				or annuity sale: (3-31-22)
01.
Statement by Agent or Broker
. With or as part of each completed
			 application for life insurance or annuity, obtains a statement signed by the
			 agent or broker as to whether he or she knows if replacement is involved in the
			 transaction. (3-31-22)
02.
Replacement Notice and List of Existing Insurance
. Where a
			 replacement is involved: (3-31-22)
a. With the
			 application for life insurance or annuity, obtains a list of all of the
			 applicant's existing life insurance or annuities replaced and a copy of the
			 replacement notice provided the applicant pursuant to Section
			 012. Such existing life insurance
			 or annuity is identified by name of insurer, insured and contract number. If a
			 number has not been assigned by the existing insurer, alternative
			 identification, such as an application or receipt number, is listed.
			 (3-31-22)
b. Send to each existing
			 insurer a written communication advising of the replacement or proposed
			 replacement and the identification information obtained pursuant to Subsection
			 014.02.a. and a policy summary
			 or ledger statement containing policy data on the proposed life insurance or
			 annuity as prescribed by the model life insurance solicitation rule and/or the
			 model annuity and deposit fund disclosure rule. Life insurance cost index and
			 equivalent level annual dividend figures need not be included in the policy
			 summary or ledger statement. This written communication is made in five (5)
			 working days of the date the application is received in the replacing insurer's
			 home or regional office, or the date the proposed policy or contract is issued,
			 whichever is sooner. (3-31-22)
c.
			 Each existing insurer, agent, or broker that undertakes a conservation
			 furnishes the policy owner with a policy summary for the existing life
			 insurance or a ledger statement containing policy data on the existing policy
			 and/or annuity within twenty (20) days from the date the written communication
			 and the materials described in Subsections
			 014.02.a. and 014.02.b. are
			 received. Such policy summary or ledger statement is completed in accordance
			 with information relating to premiums, cash values, death benefits and
			 dividends, if any, and is computed from the current policy year of the existing
			 life insurance. The policy summary includes the amount of any outstanding
			 indebtedness, the sum of any dividend accumulations or additions, and may
			 include any other information that is not in violation of any rule or statute.
			 Life insurance cost index and equivalent level annual dividend figures need not
			 be included in the policy summary. When annuities are involved, the disclosure
			 information is requisite in a contract summary under the annuity and deposit
			 fund disclosure rule. The replacing insurer may request the existing insurer to
			 furnish it with a copy of the summaries. (3-31-22)