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



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



(2)  Send a letter to the policy or contract owner of
the right to receive information regarding the existing policy or contract
values including, if available, an in force illustration or policy summary if
an in force illustration cannot be produced within five business days of
receipt of a notice that an existing policy or contract is being replaced.  The
information shall be provided within five business days of receipt of the
request 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 that
the release of policy values may affect the guaranteed elements, non-guaranteed
elements, face amount, or surrender value of the policy from which the values
are released.  The notice shall be sent separate from the check if the check is
sent to anyone other than the policy owner.  In the case of consecutive
automatic premium loans, the insurer is only required to send the notice at the
time of the first loan. [L 2000, c 252, pt of §3]