Utah Admin. Code R590-177-2 - Purpose and Scope
(1) The purpose of
this rule is to:
(a) establish rules for life
insurance policy illustrations to protect consumers and foster consumer
education;
(b) provide formats,
standards, and required disclosures; and
(c) ensure that illustrations are
understandable and not misleading.
(2) This rule applies to a group or
individual life insurance policy or certificate sold on or after January 1,
1997, except:
(a) variable life
insurance;
(b) individual and group
annuity contracts;
(c) credit life
insurance; and
(d) a life insurance
policy with no illustrated death benefit on any individual exceeding
$10,000.
Notes
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