Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.09 - Delivery of Illustrations and Record Retention

Current through June 25, 2024
A. If a
				basic illustration is used by an insurance producer or otherauthorized
				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 regulation, shall be submitted to the insurer at the time
				of policy application. A copy also shall be provided to the applicant.
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 the
				  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. 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 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.
If the policy 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 insurerand 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.
Miss. Code Ann.
				  §§
										83-7-51;
				  83-5-1 (Rev. 2011)