31 Pa. Code § 83.2 - Applicability
(a) This subchapter
applies to insurance companies authorized to transact the business of life
insurance in this Commonwealth as regards solicitation of the sale of insurance
on the life of a Commonwealth resident unless excluded in subsection (b). This
subchapter equally applies to fraternal benefit societies authorized to
transact the business of life insurance in this Commonwealth and employing
representatives licensed as agents or brokers or selling life insurance on a
direct-response or mail-order basis. When the cost of life insurance coverage
is borne in part by the employer of the insured, the required disclosures may
be made at representative ages of not to exceed 10-year age intervals in lieu
of a disclosure at all applicable ages.
(b) This subchapter is not applicable to the
following kinds of insurance:
(1)
Annuities.
(2) Group life
insurance.
(3) Credit life
insurance.
(4) Life insurance of
$1,000 or less.
(5) Substandard
solicitations to the extent the agent or company do not reasonably know the
pertinent information at the time the presentation is made to a prospective
insured.
(6) Life insurance issued
in connection with qualified funded pension plans and qualified retirement
plans.
(7) Life insurance issued as
a result of a contractual policy change or conversion provision.
(8) Life insurance where the cost is borne in
whole by the employer of the insured.
(9) Variable life insurance.
Notes
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