Title 20, Insurance

There shall be a provision that the policy, exclusive of provisions relating to disability benefits or to additional benefits in the event of death by accident or accidental means, shall be incontestable, except for nonpayment of premiums, after it has been in force during the li…

A. There shall be a provision that the policy, or the policy and the application therefor if a copy of the application is endorsed upon or attached to the policy when issued, shall constitute the entire contract between the parties, and that all statements contained in the applic…

There shall be a provision that if the age of the insured or of any other person whose age is considered in determining the premium has been misstated, any amount payable or benefit accruing under the policy shall be such as the premium would have purchased at the correct age or …

There shall be a provision in participating policies that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue on the policy anniversary or other dividend date specified in t…

A. In the case of policies issued prior to the operative date of section 20-1231, there shall be a provision that after three full years premiums have been paid, the insurer at any time while the policy is in force will advance on proper assignment or pledge of the policy and on …

A. In case of policies issued on and after January 1, 1979, there shall be a provision that after the policy has a cash surrender value and while no premium is in default beyond the grace period for payment, the insurer will advance, on proper assignment or pledge of the policy a…

A. Policies issued on or after the effective date of this section shall provide for policy loan interest rates at either of the following levels: 1. A maximum interest rate of not more than eight per cent a year. 2. An adjustable maximum interest rate established by the life insu…

A. There shall be a provision specifying the option to which the policyholder is entitled in the event of default in a premium payment after three full annual premiums have been paid. This provision shall not be required in term insurance of twenty years or less, for which unifor…

In case the policy provides that the proceeds may be payable in installments which are determinable at issue of the policy, there shall be a table showing the amounts of the guaranteed installments.

There shall be a provision that unless the policy has been surrendered for its cash surrender value or unless the paid-up term insurance, if any, has expired, the policy will be reinstated at any time within three years from the date of premium default upon written application th…

There shall be a provision that all premiums after the first shall be payable in advance.

There shall be a provision that when a policy becomes a claim by the death of the insured settlement shall be made upon receipt of due proof of death and, at the insurer's option, surrender of the policy, proof of the interest of the claimant, or both. If an insurer specifies a p…

There shall be a title on the face and on the back of the policy, briefly describing the policy.

A clause in any policy of life insurance providing that the policy shall be incontestable after a specified period shall preclude only a contest of the validity of the policy, and shall not preclude the assertion at any time of defenses based upon provisions in the policy which e…

A. No annuity or pure endowment contract, other than reversionary annuities, survivorship annuities or group annuities, and except as stated in this section, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified i…

In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that there shall be a period of grace of one month, but not less than thirty days, within which any stipulated payment to the insurer falling due after t…

If any statements, other than those relating to age, sex and identity are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, and subject to section 20-1222, there shall be a provision that the contra…

In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract …

In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that if the age of the person or persons upon whose life or lives the contract is made, or of any of them, has been misstated, the amount payable or bene…

If an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.

In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that the contract may be reinstated at any time within one year from the default in making stipulated payments to the insurer, unless the cash surrender …

A. Except as stated herein, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: 1. The reversionary annuity contract shall contain the provisions specified in sections 20-…

A. No life insurance policy shall be delivered or issued for delivery in this state if it contains a provision that excludes or restricts liability for death caused in a certain specified manner or occurring while the insured has a specified status, except that a policy may conta…

The reinstatement of any policy of life insurance or annuity contract delivered or issued for delivery in this state after January 1, 1955 may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstate…

Any life insurer may hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with such exemptions from the claims of creditors of beneficiaries other than the policyholde…

In determining the amount due under any life insurance policy issued, deduction may be made of: 1. Any unpaid premiums or installments thereof for the current policy year due under the terms of the policy. 2. The amount of principal and accrued interest of any policy loan or othe…

No life insurance policy shall be issued or delivered in this state if it provides that on the death of anyone not specifically named therein, the owner or beneficiary of the policy shall receive the payment or granting of anything of value.

A. This section may be cited as the standard nonforfeiture law for life insurance. B. Nonforfeiture provisions--Life. In the case of policies issued on or after the operative date of this section as defined in subsection J of this section, no policy of life insurance, except as s…

A. Except as provided in paragraph 7 of this section, on a policy issued on or after the operative date as provided in this section: 1. The adjusted premiums for any policy shall be calculated on an annual basis and shall be such a uniform percentage of the respective premiums sp…

A. A contract of annuity, except as stated in subsection K of this section, shall not be delivered or issued for delivery in this state unless the contract contains in substance the following provisions or corresponding provisions that in the opinion of the director are at least …

A. Each annuity contract delivered or issued for delivery in this state and each annuity application shall contain a notice prominently printed on or attached to the first page stating that, on written request, an insurer is required to provide within a reasonable time reasonable…

In this article, unless the context otherwise requires: 1. "Contract" means a contract for the purchase of an annuity. 2. "Direct response solicitation" means a solicitation to purchase a policy or contract solely through mail, telephone, the internet or other mass communication …

A. This article applies to the replacement of policies and contracts except for the following: 1. Credit life insurance. 2. Except as provided in subsection B of this section, group policies and contracts that do not involve direct solicitation of individuals by an insurance prod…

A. Any policy summary required under this article shall be in writing and shall satisfy the requirements of this section. B. A summary of a policy or contract other than a universal life policy shall contain, to the extent applicable, at least the following information: 1. Curren…

A. An insurance producer who initiates an application shall submit to the insurer, with or as part of the application, a statement signed by both the applicant and the insurance producer as to whether the applicant has an existing policy or contract. B. If the answer is "no" to t…

A. An insurer that uses an insurance producer shall comply with the requirements of this section. B. The insurer shall maintain a system for supervision and control of insurance producers that ensures compliance with the requirements of this article including at least the followi…

A. A replacing insurer shall comply with the requirements of this section for each replacement transaction. B. The insurer shall verify that it has received all required forms and that the forms comply with this article. C. The insurer shall notify any existing insurer that may b…

A. An existing insurer shall comply with the following requirements for any replacement transaction: 1. The insurer shall retain and be able to provide the director with all notifications received, indexed by replacing insurer, for at least five years or until the conclusion of i…

A. If a person applies for a policy or contract in response to a direct response solicitation, the insurer shall require, with or as part of each completed application for a policy or contract, a statement asking whether the applicant, by applying for the proposed policy or contr…

A. Any person who does not comply with the applicable requirements of this article is subject to penalties prescribed under sections 20-220, 20-295 and 20-456. Violations include: 1. Any deceptive or misleading information set forth in sales material. 2. When completing an applic…

A. The director may adopt rules necessary to implement the requirements of this article. B. The department is exempt from title 41, chapter 6, articles 3 and 5 for the purposes of adopting rules that establish the form and content of any consumer notices, disclosure forms, buyer'…

In this article, unless the context otherwise requires: 1. "Contract owner" means the owner named in the annuity contract or certificate holder in the case of a group annuity contract. 2. "Determinable elements" means elements that are derived from processes or methods that are g…

A. This article applies to all group and individual annuity contracts and certificates except: 1. Registered or nonregistered variable annuities or other registered products. 2. Immediate and deferred annuities that contain no nonguaranteed elements. 3. Annuities used to fund: (a…

A. If the application for an annuity contract is taken in a face-to-face meeting, the applicant, at or before the time of application, shall be given both the disclosure document and the buyer's guide in the form prescribed by the director. B. If the application for an annuity co…

For annuities in the payout period with changes in nonguaranteed elements and for the accumulation period of a deferred annuity, the insurer shall provide each contract owner with a report, at least annually, on the status of the contract that contains at least the following info…

An insurer or insurance producer that violates this article is subject to penalties prescribed under sections 20-220, 20-295 and 20-456.