Oregon Administrative Rules › Chapter 836 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, INSURANCE REGULATION › Division 51 - LIFE, INDIVIDUAL AND GROUP; ANNUITIES › Section 836-051-0570 - Delivery of Illustration and Record Retention

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If a basic illustration is used by an
			 insurance producer 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 OAR 836-051-0500  to 836-051-0600, 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 836-051-0500  to 836-051-0600,
			 shall be labeled "Revised Illustration" and shall be signed and dated by the
			 applicant or policy owner and insurance producer no later than the time the
			 policy is delivered. A copy shall be provided to the insurer and the policy
			 owner.
(2) If no illustration is
			 used by an insurance producer in the sale of a life insurance policy or if the
			 policy is applied for other than as illustrated, the insurance producer 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 policy owner.
(3) 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 section shall be satisfied if the insurer 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 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 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 years after the policy is no longer in force. A copy need not be retained
			 if no policy is issued.
Stat. Auth.: ORS
				  731.244 &
				  746.240
Stats. Implemented: ORS
				  746.075,
				  746.085,
				  746.100,
				  746.110 &
				  746.240