6.6.701    PURPOSE

(1) The purpose of this subchapter is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education.   The rules provide illustration formats, prescribe standards to be followed when illustrations are used, and specify the disclosures that are required in connection with illustrations.   The goals of these rules are to ensure that illustrations do not mislead purchasers of life insurance and to make illustrations more understandable.   Insurers will, as far as possible, eliminate the use of footnotes and caveats and define terms used in the illustration in language that would be understood by a typical person within the segment of the public to which the illustration is directed.

History: Sec. 33 -1-313 and 33-20-150, MCA; IMP, Sec. 33-18-202 and 33-20-150, MCA; NEW, 2001 MAR p. 2234, Eff. 1/1/02.