02- 031 C.M.R. ch. 919, § 6 - Duties of the Existing Insurer
Where a
A. Retain and
be able to produce all replacement notifications received, indexed by replacing
insurer , for at least five (5) years or until the conclusion of the next
regular examination conducted by the insurance department of its state of
domicile, whichever is later.
B.
Send a letter to the policy or contract owner of the right to receive
information regarding the existing policy or contract values including, if
available, an in force illustration or policy summary if an in force
illustration cannot be produced within five (5) business days of receipt of a
notice that an existing policy or contract is being replaced. The information
shall be provided within five (5) business days of receipt of the request from
the policy or contract owner.
C.
Upon receipt of a request to borrow, surrender or withdraw any policy values,
send a notice, advising the policy owner that the release of policy values may
affect the guaranteed elements, non-guaranteed elements, face amount or
surrender value of the policy from which the values are released. The notice
shall be sent separate from the check if the check is sent to anyone other than
the policy owner. In the case of consecutive automatic premium loans, the
insurer is only required to send the notice at the time of the first
loan.
Notes
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