Utah Admin. Code R590-177-4 - Policies to Be Illustrated
(1) An
insurer marketing a policy subject to this rule shall notify the commissioner
whether a policy form will be marketed with or without an illustration .
(a) The notice shall be made in writing at
the time of filing.
(b) Any
previous identification may be changed by notice to the
commissioner.
(2) If an
insurer identifies a policy form to be marketed without an illustration , any
use of an illustration before the first policy anniversary is
prohibited.
(3) If a policy form is
marketed with an illustration , a basic illustration that complies with this
rule is required.
(a) A basic illustration
need not be provided to individual members of a group or to individuals insured
under multiple lives coverage issued to a single applicant unless the coverage
is marketed to these individuals.
(b) The illustration furnished to an
applicant for a group life insurance policy or a policy issued to a single
applicant on multiple lives may be either an individual or composite
illustration representative of the coverage on the lives of members of the
group or the multiple lives covered.
(4) Potential enrollees of non-term group
life insurance subject to this rule shall be furnished a quotation with the
enrollment materials.
(a) The quotation shall
show potential policy values for sample ages and policy years on a guaranteed
and non-guaranteed basis appropriate to the group and the coverage.
(b) The quotation is not considered an
illustration under this rule, but all information provided shall be consistent
with the illustrated scale .
(c) A
basic illustration shall be provided at delivery of the certificate to an
enrollee for non-term group life insurance who enrolls for more than the
minimum premium necessary to provide pure death benefit protection.
(d) The insurer shall make a basic
illustration available to any non-term group life insurance enrollee who
requests it.
Notes
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