[§431:10D-403]  Policies to be illustrated. (a)  Each insurer marketing policies to which this part is applicable shallnotify the commissioner whether a policy form is to be marketed with or withoutan illustration.  For all policy forms being actively marketed on July 1, 2001,the insurer shall identify in writing the forms and whether or not anillustration will be used with them.  For policy forms filed after July 1,2001, the identification shall be made at the time of filing.  Any previousidentification may be changed by notice to the commissioner.

(b)  If the insurer identifies a policy form asone to be marketed without an illustration, any use of an illustration for anypolicy using that form prior to the first policy anniversary is prohibited.

(c)  If a policy form is identified by theinsurer as one to be marketed with an illustration, a basic illustrationprepared and delivered in accordance with this part is required, except that abasic illustration need not be provided to individual members of a group or toindividuals insured under multiple lives coverage issued to a single applicantunless the coverage is marketed to these individuals.  The illustrationfurnished an applicant for a group life insurance policy or policies issued toa single applicant on multiple lives may be either an individual or compositeillustration representative of the coverage on the lives of members of thegroup or the multiple lives covered.

(d)  Potential enrollees of non-term group lifesubject to this part shall be furnished a quotation with the enrollmentmaterials.  The quotation shall show potential policy values for sample agesand policy years on a guaranteed and nonguaranteed basis appropriate to thegroup and the coverage.  This quotation shall not be considered an illustrationfor purposes of this part, but all information provided shall be consistentwith the illustrated scale.  A basic illustration shall be provided at deliveryof the certificate to enrollees for non-term group life who enroll for morethan the minimum premium necessary to provide pure death benefit protection. In addition, the insurer shall make a basic illustration available to anynon-term group life enrollee who requests it. [L 2000, c 252, pt of §2]

 

Revision Note

 

  "July 1, 2001" substituted for "the effectivedate of this part".