Title 27, Title 27 Title 27

As used in this chapter: (1) “Actuarial standards board” means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice. (2) “Contract premium” means the gross premium that is required to be paid under a fixed premium po…

(a) Each insurer marketing policies to which this chapter is applicable shall notify the commissioner whether a policy form is to be marketed with or without an illustration. For all policy forms being actively marketed on January 1, 1999, the insurer shall identify in writing th…

(a) An illustration used in the sale of a life insurance policy shall satisfy the applicable requirements of this chapter, be clearly labeled “life insurance illustration” and contain the following basic information: (1) Name of insurer; (2) Name and business address of producer …

(a) Format. A basic illustration shall conform to the following requirements: (1) The illustration shall be labeled with the date on which it was prepared. (2) Each page, including any explanatory notes or pages, shall be numbered and show its relationship to the total number of …

(a) A supplemental illustration may be provided so long as: (1) It is appended to, accompanied by, or preceded by a basic illustration that complies with this chapter; (2) The non-guaranteed elements shown are not more favorable to the policy owner than the corresponding elements…

(a)(1) If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance policy and the policy is applied for as illustrated, a copy of that illustration, signed in accordance with this chapter, shall be sub…

(a) In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policy owner with an annual report on the status of the policy that shall contain at least the following information: (1) For universal life policies, the report sha…