§ 27-62-8 - Delivery of illustration and record retention. - Rhode Island Statutes

SECTION 27-62-8

   § 27-62-8  Delivery of illustration andrecord retention. – (a) If a basic illustration is used by an insurance producer or otherauthorized representative of the insurer in the sale of a life insurance policyand the policy is applied for as illustrated, a copy of that illustration,signed in accordance with this chapter, shall be submitted to the insurer atthe time of policy application. A copy also shall be provided to the applicant.

   (2) If the policy is issued other than as applied for, arevised basic illustration conforming to the policy as issued shall be sentwith the policy. The revised illustration shall conform to the requirements ofthis regulation, shall be labeled "Revised Illustration" and shall be signedand dated by the applicant or policy owner and producer or other authorizedrepresentative of the insurer no later than the time the policy is delivered. Acopy shall be provided to the insurer and the policy owner.

   (b) If no illustration is used by an insurance producer orother authorized representative in the sale of a life insurance policy or ifthe policy is applied for other than as illustrated, the producer orrepresentative shall certify to that effect in writing on a form provided bythe insurer. On the same form the applicant shall acknowledge that noillustration conforming to the policy applied for was provided, and shallfurther acknowledge an understanding that an illustration conforming to thepolicy 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 conformingto the policy as issued shall be sent with the policy and signed no later thanthe time the policy is delivered. A copy shall be provided to the insurer andthe policy owner.

   (c) If the basic illustration or revised illustration is sentto the applicant or policy owner by mail from the insurer, it shall includeinstructions for the applicant or policy owner to sign the duplicate copy ofthe numeric summary page of the illustration for the policy issued and returnthe signed copy to the insurer. The insurer's obligation under this subsectionshall be satisfied if it can demonstrate that it has made a diligent effort tosecure a signed copy of the numeric summary page. The requirement to make adiligent effort shall be deemed satisfied if the insurer includes in themailing a self-addressed postage prepaid envelope with instructions for thereturn of the signed numeric summary page.

   (d) A copy of the basic illustration and a revised basicillustration, if any, signed as applicable, along with any certification thateither no illustration was used or that the policy was applied for other thanas illustrated, shall be retained by the insurer until three (3) years afterthe policy is no longer in force. A copy need not be retained if no policy isissued.