Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 14 - Life Insurance Illustrations Model Regulation › Rule 191-14.9 - Delivery of Illustration and Record Retention

Current through Register Vol. 47, No. 3, July 24, 2024
(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 these rules, shall be submitted to the insurer at the time of
				policy application. A copy shall also 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 this
				  rule, shall be labeled "Revised Illustration" and shall be signed and dated by
				  the applicant or policyowner 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 policyowner.
(2) If no illustration is used by an
				insurance producer or other authorized representative of the insurer 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.
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
				  policyowner.
(3) If the
				basic illustration or revised illustration is sent to the applicant or
				policyowner by mail from the insurer, it shall include instructions for the
				applicant or policyowner 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 subrule 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.
(4) A copy of the
				basic illustration and a revised basic illustration, if any, signed as
				applicable, along with any certification either that no illustration was used
				or that the policy was applied for other than as illustrated, shall be retained
				by the insurer until three years after the policy is no longer in force. A copy
				need not be retained if no policy is issued.