§431:10D-407  Delivery of illustration andrecord retention.  (a)  If a basic illustration is used by an insuranceproducer or other authorized representative of the insurer in the sale of alife insurance policy and the policy is applied for as illustrated, a copy ofthat illustration, signed in accordance with this part, shall be submitted tothe insurer at the time of policy application.  A copy also shall be providedto the applicant.

(b)  If the policy is issued other than asapplied for, a revised basic illustration conforming to the policy as issuedshall 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 policyowner and producer or other authorized representative of the insurer no laterthan the time the policy is delivered.

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

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

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

(2)  If the policy is issued, a basic illustrationconforming to the policy as issued shall be sent with the policy and signed nolater than the time the policy is delivered; and

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

(d)  If the basic illustration or revisedillustration 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 theduplicate copy of the numeric summary page of the illustration for the policyissued and return the signed copy to the insurer.  The insurer's obligationunder this subsection shall be satisfied if it can demonstrate that it has madea diligent effort to secure a signed copy of the numeric summary page.  Therequirement to make a diligent effort shall be deemed satisfied if the insurerincludes in the mailing a self-addressed postage prepaid envelope withinstructions for the return of the signed numeric summary page.

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