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



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



(c)  If a policy form is identified by the
insurer as one to be marketed with an illustration, a basic illustration
prepared and delivered in accordance with this part is required, except that 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.  The illustration
furnished an applicant for a group life insurance policy or policies 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.



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



 



Revision Note



 



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