Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 910 - LIFE INSURANCE ILLUSTRATIONS › Section 031-910-9 - Delivery of Illustration and Record Retention

Current through 2024-29, July 17, 2024
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 Rule, shall be
				submitted to the insurer at the time of policy application. A copy also shall
				be provided to the applicant at the time of application except as provided in
				paragraph (2).
(2) Where a computer
				screen illustration is used and no hard copy is furnished at the time of
				application, an acknowledgment, signed by the applicant and producer, should be
				obtained and submitted with the application, conforming to the following
				requirements:
(a) The personal and policy
				information on which the computer screen illustration was based shall be
				itemized in accordance with Section
				6(A), and
(b) An acknowledgment shall be obtained so
				that the applicant is aware that a copy of an illustration conforming to the
				policy as issued will be provided to him or her no later than at the time of
				policy delivery. One copy of the signed acknowledgment will be left with the
				applicant and one copy will be submitted with the application. Following is a
				sample acknowledgment, which should be modified as appropriate:
Sample Acknowledgment
I certify that I displayed a computer screen illustration for
				  _______________________ that complies with state requirements and for which no
				  hard copy was furnished. The illustration was based on the following personal
				  and policy information:
1. Gender:
				Male_____ Female_____
2. Age
				___________________________
3.
				Underwriting or Rating Class ___________________________
4. Type of Policy ___________________________
5 Initial Death Benefit
				$___________________________
6.
				Dividend Option ___________________________
				PRODUCER____________________________
DATE: ___________________________
I acknowledge that I viewed a computer screen illustration
				  based on the information as stated above. No hard copy of the illustration was
				  furnished. I understand that an illustration conforming to the policy as issued
				  will be provided to me no later than at the time the policy is delivered.
APPLICANT _____________________________
DATE: ___________________________
An illustration conforming to the requirements of the model
				  must be prepared and delivered by the producer at or prior to delivery of the
				  policy.
(3) 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 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.