Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-23 - Washington life insurance regulations › REPLACEMENT REGULATION › Section 284-23-455 - Duties of insurers that use insurance producers

Current through Register Vol. 24-14, July 15, 2024
Each insurer that uses an insurance producer in a life
				  insurance or annuity sale shall:
(1)
				Require with or as part of each completed application for life insurance or
				annuity, a statement signed by the insurance producer as to whether he or she
				knows replacement is or may be involved in the transaction.
(2) Where a replacement is involved:
(a) Require from the insurance producer with
				the application for life insurance or annuity (i) a list of all of the
				applicant's existing life insurance or annuities to be replaced and (ii) a copy
				of the replacement notice provided the applicant pursuant to WAC
				284-23-440(2)(a).
				Such existing life insurance or annuity shall be identified by name of insurer,
				insured and contract number. If a number has not been assigned by the existing
				insurer, alternative identification, such as an application or receipt number,
				shall be listed.
(b) Send to each
				existing insurer a written communication advising of the replacement or
				proposed replacement and the identification information obtained pursuant to
				(a) of this subsection and a policy summary, contract summary, or ledger
				statement containing policy data on the proposed life insurance or annuity as
				required by the life insurance solicitation regulation, WAC
				284-23-200 through 284-23-270,
				and/or the annuity and deposit fund disclosure regulation, WAC
				284-23-300 through 284-23-380.
				Cost indices and equivalent level annual dividend figures need not be included
				in the policy summary or ledger statement. This written communication shall be
				made within three working days of the date the application is received in the
				replacing insurer's home or regional office, or the date the proposed policy or
				contract is issued, whichever is sooner.
(c) Each existing insurer or such insurer's
				insurance producer that undertakes a conservation shall, within twenty days
				from the date the written communication plus the materials required in (a) and
				(b) of this subsection is received by the existing insurer, furnish the
				policyowner with a policy summary for the existing life insurance or a ledger
				statement containing policy data on the existing policy and/or annuity. Such
				policy summary or ledger statement shall be completed in accordance with the
				provisions of the life insurance solicitation regulation, WAC
				284-23-200 through 284-23-270,
				except that information relating to premiums, cash values, death benefits and
				dividends, if any, shall be computed from the current policy year of the
				existing life insurance. The policy summary or ledger statement shall include
				the amount of any outstanding indebtedness, the sum of any dividend
				accumulations or additions, and may include any other information that is not
				in violation of any regulation or statute. Cost indices and equivalent level
				annual dividend figures need not be included. When annuities are involved, the
				disclosure information shall be that required in a contract summary under the
				annuity and deposit fund disclosure regulation, WAC
				284-23-300 through 284-23-380.
				The replacing insurer may request the existing insurer to furnish it with a
				copy of the summaries or ledger statement, which shall be furnished within five
				working days of the receipt of the request.