[§431:10D-506]  Duties of the existinginsurer.  Where a replacement is involved in the transaction, the existinginsurer shall:

(1)  Retain and be able to produce all replacementnotifications received, indexed by replacing insurer, for at least five yearsor until the conclusion of the next regular examination conducted by theinsurance commissioner of its state of domicile, whichever is later;

(2)  Send a letter to the policy or contract owner ofthe right to receive information regarding the existing policy or contractvalues including, if available, an in force illustration or policy summary ifan in force illustration cannot be produced within five business days ofreceipt of a notice that an existing policy or contract is being replaced.  Theinformation shall be provided within five business days of receipt of therequest from the policy or contract owner; and

(3)  Upon receipt of a request to borrow, surrender,or withdraw any policy values, send a notice, advising the policy owner thatthe release of policy values may affect the guaranteed elements, non-guaranteedelements, face amount, or surrender value of the policy from which the valuesare released.  The notice shall be sent separate from the check if the check issent to anyone other than the policy owner.  In the case of consecutiveautomatic premium loans, the insurer is only required to send the notice at thetime of the first loan. [L 2000, c 252, pt of §3]