Administrative Rules of Montana › Department 6 - STATE AUDITOR › Chapter 6.6 - INSURANCE DEPARTMENT › Subchapter 6.6.7 - Life Insurance Illustrations › Rule 6.6.713 - DELIVERY OF ILLUSTRATIONS AND RECORD RETENTION

Current through Register Vol. 13, July 5, 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 this subchapter, 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 subchapter, 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.
(3)
				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.
(4) 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:
(a) 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;
(b) 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
				five years after the policy is no longer in force. A copy need not be retained
				if no policy is issued.