Section 031-910-9 - Delivery of Illustration and Record RetentionA.(1) If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance policy and the policy is applied for as illustrated, a copy of that illustration, signed in accordance with this Rule, shall be submitted to the insurer at the time of policy application. A copy also shall be provided to the applicant at the time of application except as provided in paragraph (2).(2) Where a computer screen illustration is used and no hard copy is furnished at the time of application, an acknowledgment, signed by the applicant and producer, should be obtained and submitted with the application, conforming to the following requirements: (a) The personal and policy information on which the computer screen illustration was based shall be itemized in accordance with Section 6(A), and(b) An acknowledgment shall be obtained so that the applicant is aware that a copy of an illustration conforming to the policy as issued will be provided to him or her no later than at the time of policy delivery. One copy of the signed acknowledgment will be left with the applicant and one copy will be submitted with the application. Following is a sample acknowledgment, which should be modified as appropriate: Sample Acknowledgment
I certify that I displayed a computer screen illustration for _______________________ that complies with state requirements and for which no hard copy was furnished. The illustration was based on the following personal and policy information:
1. Gender: Male_____ Female_____2. Age ___________________________3. Underwriting or Rating Class ___________________________4. Type of Policy ___________________________ 5 Initial Death Benefit $___________________________6. Dividend Option ___________________________ PRODUCER____________________________ DATE: ___________________________
I acknowledge that I viewed a computer screen illustration based on the information as stated above. No hard copy of the illustration was furnished. I understand that an illustration conforming to the policy as issued will be provided to me no later than at the time the policy is delivered.
APPLICANT _____________________________
DATE: ___________________________
An illustration conforming to the requirements of the model must be prepared and delivered by the producer at or prior to delivery of the policy.
(3) If the policy is issued other than as applied for, a revised basic illustration conforming to the policy as issued shall be sent with the policy. The revised illustration shall conform to the requirements of this Rule, shall be labeled "Revised Illustration" and shall be signed and dated by the applicant or policy owner and producer or other authorized representative of the insurer no later than the time the policy is delivered. A copy shall be provided to the insurer and the policy owner.B.(1) If no illustration is used by an insurance producer or other authorized representative in the sale of a life insurance policy or if the policy is applied for other than as illustrated, the producer or representative shall certify to that effect in writing on a form provided by the insurer. On the same form the applicant shall acknowledge that no illustration conforming to the policy applied for was provided and shall further acknowledge an understanding that an illustration conforming to the policy as issued will be provided no later than at the time of policy delivery. This form shall be submitted to the insurer at the time of policy application.(2) If the policy is issued, a basic illustration conforming to the policy as issued shall be sent with the policy and signed no later than the time the policy is delivered. A copy shall be provided to the insurer and the policy owner.C. If the basic illustration or revised illustration 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 the duplicate copy of the numeric summary page of the illustration for the policy issued and return the signed copy to the insurer. The insurer's obligation under this subsection shall be satisfied if it can demonstrate that it has made a diligent effort to secure a signed copy of the numeric summary page. The requirement to make a diligent effort shall be deemed satisfied if the insurer includes in the mailing a self-addressed postage prepaid envelope with instructions for the return of the signed numeric summary page.D. A copy of the basic illustration and a revised basic illustration, if any, signed as applicable, along with any certification that either no illustration was used or that the policy was applied for other than as illustrated, shall be retained by the insurer until three (3) years after the policy is no longer in force. A copy need not be retained if no policy is issued.E. Regardless of whether the policy is designated to be marketed with an illustration under Section 5 of this Rule, a Life Insurance Buyer's Guide must be provided if required by Rule Chapter 240. If the policy solicited is designated to be marketed with an illustration, either the "Life Insurance Buyer's Guide" published by the National Association of Insurance Commissioners or the Life Insurance Buyer's Guide prescribed by Appendix A of Bureau of Insurance Rule Chapter 240 must be used. If the policy solicited is designated to be marketed without an illustration, then the Life Insurance Buyer's Guide prescribed by Appendix A of Rule Chapter 240 must be used.02-031 C.M.R. ch. 910, § 9