TITLE 50: INSURANCE
CHAPTER I: DEPARTMENT OF INSURANCE SUBCHAPTER s: LEGAL RESERVE LIFE INSURANCE PART 1406 INDIVIDUAL AND GROUP LIFE INSURANCE POLICY ILLUSTRATIONS SECTION 1406.60 STANDARDS FOR SUPPLEMENTAL ILLUSTRATIONS
Section 1406.60 Standards for Supplemental Illustrations
a) A supplemental illustration may be provided so long as:
1) It is appended to, accompanied by or preceded by a basic illustration that complies with this Part;
2) The non-guaranteed elements shown are not more favorable to the policyowner than the corresponding elements based on the scale used in the basic illustration;
3) It contains the same statement required of a basic illustration that non-guaranteed elements are not guaranteed; and
4) For a policy that has a contract premium, the contract premium underlying the supplemental illustration is equal to the contract premium shown in the basic illustration. For policies that do not require a contract premium, the premium outlay underlying the supplemental illustration shall be equal to premium outlay shown in the basic illustration.
b) The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information. |