Section R590-177-4 - Policies to Be Illustrated(1) An insurer marketing a policy subject to this rule shall notify the commissioner whether a policy form will be marketed with or without an illustration. (a) The notice shall be made in writing at the time of filing.(b) Any previous identification may be changed by notice to the commissioner.(2) If an insurer identifies a policy form to be marketed without an illustration, any use of an illustration before the first policy anniversary is prohibited.(3) If a policy form is marketed with an illustration, a basic illustration that complies with this rule is required. (a) A basic illustration need not be provided to individual members of a group or to individuals insured under multiple lives coverage issued to a single applicant unless the coverage is marketed to these individuals.(b) The illustration furnished to an applicant for a group life insurance policy or a policy issued to a single applicant on multiple lives may be either an individual or composite illustration representative of the coverage on the lives of members of the group or the multiple lives covered.(4) Potential enrollees of non-term group life insurance subject to this rule shall be furnished a quotation with the enrollment materials.(a) The quotation shall show potential policy values for sample ages and policy years on a guaranteed and non-guaranteed basis appropriate to the group and the coverage.(b) The quotation is not considered an illustration under this rule, but all information provided shall be consistent with the illustrated scale.(c) A basic illustration shall be provided at delivery of the certificate to an enrollee for non-term group life insurance who enrolls for more than the minimum premium necessary to provide pure death benefit protection.(d) The insurer shall make a basic illustration available to any non-term group life insurance enrollee who requests it.Utah Admin. Code R590-177-4
Amended by Utah State Bulletin Number 2023-03, effective 1/24/2023