211 CMR 28.01 - Purpose
The purpose of 211 CMR 28.00 is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. 211 CMR 28.00 provides illustration formats, prescribes standards to be followed when illustrations are used, and specifies the disclosures that are required in connection with illustrations. The goal of 211 CMR 28.00 is to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable. Insurers will, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that will be understood by a typical person within the segment of the public to which the illustration is directed.
Notes
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