§431:10D-407  Delivery of illustration and
record retention.  (a)  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 part, shall be submitted to
the insurer at the time of policy application.  A copy also shall be provided
to the applicant.



(b)  If the policy is issued other than as
applied for, a revised basic illustration conforming to the policy as issued
shall be sent with the policy.  The revised illustration shall:



(1)  Conform to the requirements of this part;



(2)  Be labeled "Revised Illustration"; and



(3)  Be signed and dated by the applicant or policy
owner and producer or other authorized representative of the insurer no later
than the time the policy is delivered.



A copy of the revised illustration shall be provided
to the insurer and the policy owner.



(c)  If the policy is identified as one to be
marketed with an illustration, and no illustration is used by an insurance
producer or other authorized representative in the sale of a life insurance
policy or if the policy is applied for other than as illustrated, the producer
or representative shall certify to that effect in writing on a form provided by
the insurer; provided that:



(1)  On the same form the applicant shall acknowledge
that no illustration conforming to the policy applied for was provided and
shall further acknowledge an understanding that an illustration conforming to
the policy as issued will be provided no later than at the time of policy
delivery.  This form shall be submitted to the insurer at the time of policy
application;



(2)  If the policy is issued, a basic illustration
conforming to the policy as issued shall be sent with the policy and signed no
later than the time the policy is delivered; and



(3)  A copy shall be provided to the insurer and the
policy owner.



(d)  If the basic illustration or revised
illustration is sent to the applicant or policy owner by mail from the insurer,
it shall include instructions for the applicant or policy owner to sign the
duplicate copy of the numeric summary page of the illustration for the policy
issued and return the signed copy to the insurer.  The insurer's obligation
under this subsection shall be satisfied if it can demonstrate that it has made
a diligent effort to secure a signed copy of the numeric summary page.  The
requirement to make a diligent effort shall be deemed satisfied if the insurer
includes in the mailing a self-addressed postage prepaid envelope with
instructions for the return of the signed numeric summary page.



(e)  A copy of the basic illustration and a
revised illustration, if any, signed as applicable, along with any certification
that either no illustration was used or that the policy was applied for other
than as illustrated, shall be retained by the insurer until three years after
the policy is no longer in force.  A copy need not be retained if no policy is
issued. [L 2000, c 252, pt of §2; am L 2004, c 122, §55]