31 Pa. Code § 81.7 - Duties of insurers with respect to direct response sales

(a) If in the solicitation of a direct response sale, the insurer did not propose the replacement and a replacement is involved, the insurer shall:

(1) Send to the applicant with the policy a Notice Regarding Replacement of Life Insurance and Annuities in the form as described in Appendix A or Appendix B (relating to notice regarding replacement of life insurance and annuities) or other substantially similar form filed and accepted prior to use by the Commissioner. In such instances, the insurer may delete the last sentence and the references to signatures from Appendix A without having to refile the form and obtain acceptance prior to use by the Commissioner.

(2) Comply with the requirements of § 81.6(d) (relating to duties of insurers that use agents or brokers).

(b) If in the solicitation of a direct response sale, the insurer proposed the replacement and a replacement is involved, the insurer shall:

(1) Provide to applicants or prospective applicants with or as a part of the application a Notice Regarding Replacement of Life Insurance and Annuities in the form as described in Appendix A or Appendix B or other substantially similar form filed and accepted prior to use by the Commissioner. In such instances the insurer may delete the last sentence and the references to signatures from Appendix A without having to refile the form and obtain acceptance prior to use by the Commissioner.

(2) Upon request of the applicant or prospective applicant, provide written or printed communications relative to policies or annuities associated with the replacement sale.

(3) Request from the applicant with or as part of the application, a list of existing life insurance or annuity to be replaced and properly identified by name of insurer and insured.

(4) Comply with the requirements of § 81.6(a)(2)(ii), if the applicant furnishes the name of the existing insurers, and the requirements of § 81.6(c), except that it need not maintain a replacement register, and the requirements of § 81.6(d).

Notes

31 Pa. Code § 81.7