Iowa Admin. Code r. 191-16.24 - Duties of producers
(1) A
producer who initiates an application for a policy or a contract shall submit
to the insurer, with or as part of the application, a statement signed by both
the applicant and the producer as to whether the applicant has existing
policies or contracts. If the applicant does not have an existing policy or
contract, the producer 's duties with respect to replacement are
complete.
(2) If the applicant does
have an existing policy or contract , the producer shall present and read to the
applicant, not later than at the time of taking the application, a notice
regarding replacements in the form as described in Appendix A or other
substantially similar form approved by the commissioner No approval shall be
required when amendments to the notice are limited to the omission of
references not applicable to the product being sold or replaced.
a. The notice shall be signed by both the
applicant and the producer attesting that the notice has been read aloud by the
producer or that the applicant did not wish the notice to be read aloud (in
which case the producer need not have read the notice aloud) and that a copy of
the notice was left with the applicant.
b. The notice shall list all life insurance
policies or annuities proposed to be replaced, properly identified by name of
insurer, the insured or annuitant, and policy or contract number if available;
and shall include a statement as to whether each policy or contract will be
replaced or whether a policy will be used as a source of financing for the new
policy. If a policy or contract number has not been issued by the existing
insurer, alternative identification, such as an application or receipt number,
shall be listed.
(3) In
connection with a replacement transaction, the producer shall leave with the
applicant at the time an application for a new policy or contract is completed
the original or a copy of all sales material. A copy of any electronically
presented sales material shall be provided to the policyholder in printed form
no later than at the time of policy or contract delivery.
(4) Except as provided in subrule 16.26(3),
in connection with a replacement transaction, the producer shall submit to the
insurer to which an application for a policy or contract is presented a copy of
each document required by this subrule, a statement identifying any preprinted
or electronically presented insurer-approved sales materials used, and copies
of any individualized sales materials, including any illustrations related to
the specific policy or contract purchased.
Notes
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