Iowa Admin. Code r. 191-16.28 - Duties of insurers with respect to direct-response solicitations
(1) In the case of
an application that is initiated as a result of a direct-response solicitation ,
the insurer shall require, with or as part of each completed application for a
policy or contract , a statement asking whether the applicant, by applying for
the proposed policy or contract , intends to replace, discontinue or change an
existing policy or contract . If the applicant indicates a replacement or change
is not intended or if the applicant fails to respond to the statement, the
insurer shall send the applicant, with the policy or contract , the notice
regarding replacement in Appendix B, or other substantially similar form
approved by the commissioner .
(2)
If the insurer has proposed the replacement or if the applicant indicates a
replacement is intended and the insurer continues with the replacement , the
insurer shall:
a. Provide to applicants or
prospective applicants with the policy or contract a notice, as described in
Appendix C, or other substantially similar form approved by the commissioner .
In these instances, the insurer may delete the references to the producer ,
including the producer 's signature, and references not applicable to the
product being sold or replaced, without having to obtain approval of the form
from the commissioner . The insurer's obligation to obtain the applicant's
signature shall be satisfied if the insurer can demonstrate that the insurer
has made a diligent effort to secure a signed copy of the notice referred to in
this paragraph. 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 notice referred
to in this subrule; and
b. Comply
with the requirements of paragraph 16.26(1)"b," if the
applicant furnishes the names of the existing insurers, and the requirements of
paragraphs 16.26(1)"c" and "d" and subrule
16.26(2).
Notes
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