(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.