§431:10D-503  Duties of producers.  (a) 
A producer who initiates an application shall submit to the insurer, with or as
part of the application, a statement signed by both the applicant and the
producer as to whether the applicant has existing policies or contracts.  If
the answer is "no", the producer's duties with respect to replacement
are complete.



(b)  If the applicant answered "yes"
to the question regarding existing coverage referred to in subsection (a), the
producer shall present and read to the applicant, not later than at the time of
taking the application, a notice in a form  approved by the commissioner. 
However, no approval shall be required when amendments to the notice are
limited to the omission of references not applicable to the product being sold
or replaced.  The notice shall be signed by both the applicant and the producer
attesting that the notice has been read aloud by the producer or that the
applicant did not wish the notice to be read aloud (in which case the producer
need not have read the notice aloud) and the notice was left with the
applicant.



(c)  The notice shall list all life insurance
policies or annuities proposed to be replaced, properly identified by name of
insurer, the insured or annuitant, and policy or contract number if available. 
The notice shall include a statement as to whether a policy or contract will be
replaced or whether a policy will be used as a source of financing for the new
policy or contract.  If a policy or contract number has not been issued by the
existing insurer, alternative identification, such as an application or receipt
number, shall be listed.



(d)  In connection with a replacement
transaction the producer shall leave with the applicant at the time an
application for a new policy or contract is completed the original or a copy of
all sales material.  With respect to electronically presented sales material,
it shall be provided to the policy or contract owner in printed form no later
than at the time of policy or contract delivery.



(e)  Except as provided in section
431:10D-505(c), in connection with a replacement transaction, the producer
shall submit to the insurer to which an application for a policy or contract is
presented, a copy of each document required by this section, a statement identifying
any preprinted or electronically presented company-approved sales materials
used, and copies of any individualized sales materials, including any
illustrations related to the specific contract or policy purchased. [L 2000, c
252, pt of §3; am L 2001, c 121, §2]