Section 34.07 - Duties of Insurers with Respect to Direct Response Sales(1) If in the solicitation of a direct response sale, the insurer did not propose the replacement, and a replacement is involved, the insurer shall send to the applicant the notice regarding replacement or other substantially similar form approved by the commissioner. In such instances the insurer may delete the last sentence and the references to signatures from such notice without having to obtain approval of the form from the commissioner.(2) If the insurer proposed the replacement it shall: (a) provide to applicants or prospective applicants with or as part of the application a notice regarding replacement or other substantially similar form approved by the commissioner;(b) request from the applicant with or as part of the application, a list of all existing life insurance or annuity to be replaced and properly identified by name of insurer and insured; and(c) send to each existing insurer a written communication advising of the replacement or proposed replacement and the identification information obtained, pursuant to 211 CMR 34.06(1)(b)1. of an insurer's responsibility where a replacement is involved, and a policy summary as defined in the Life Insurance Solicitation Regulation, 211 CMR 31.04.(3) Cost indices and equivalent level annual dividend figures need not be included in the policy summary. The written communication required by 211 CMR 34.07(2)(c) shall be made within seven working days of the date the application is received in the replacing insurer's home or regional office, or the date the proposed policy or contract is issued, whichever is sooner, if the applicant furnishes the names of the existing insurers. The replacing insurer shall maintain evidence of the notice regarding replacement, the policy summary and any ledger statements used. The existing insurer shall maintain evidence of policy summaries and any ledger statements used in any conservation. Evidence that all requirements were met shall be maintained for at least three years or until the conclusion of the next succeeding regular examination by the insurance department of its state of domicile, whichever is earlier.