(1) Each insurer marketing policies to which this
subchapter is applicable shall notify the commissioner whether a policy form is
to be marketed with or without an illustration. For all policy forms being actively marketed on January 1, 2002,
the insurer shall identify in writing those forms and whether or not an
illustration will be used with them.
For policy forms filed after the effective date of this subchapter, the
identification shall be made at the time of filing. Any previous identification may be changed by notice to the
(2) If the
insurer identifies a policy form as one to be marketed without an illustration,
any use of an illustration for any policy using that form prior to the first
policy anniversary is prohibited.
(3) If a policy
form is identified by the insurer as one to be marketed with an illustration, a
basic illustration prepared and delivered in accordance with this subchapter is
required, except that 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. The illustration furnished
an applicant for a group life insurance policy or policies 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.
enrollees of non-term group life subject to this subchapter shall be furnished
a quotation with the enrollment materials.
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. This quotation shall
not be considered an
for purposes of this subchapter, but all information provided shall be
consistent with the illustrated scale.
A basic illustration shall be provided at delivery of the certificate to
enrollees for non-term group life who enroll for more than the minimum premium
necessary to provide pure death benefit protection. In addition, the insurer shall make a basic illustration
available to any non-term group life enrollee who requests it.