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Guidelines for the Life Insurance Solicitation Regulation

Bulletin
Thursday, February 25, 1999
Insurance Bulletin #124

BULLETIN 124

GUIDELINES FOR THE LIFE INSURANCE SOLICITATION REGULATION

February 25, 1999

 

The Life Insurance Solicitation Regulation, Regulation 77-2, requires the delivery of a policy summary and sets forth standards for the use of policy summaries. In 1998, the Department adopted the Life Insurance Illustration Regulation, Regulation I-98-1 (effective March 1, 1999), setting forth standards and requirements for the use of life insurance illustrations. In order to ensure that it is clear how to interpret the two regulations, the following guidelines are made:

1. A policy summary is not required to include information provided in an illustration;

2. A policy summary is not required to be delivered if an illustration, subject to the requirements of Regulation I-98-1, is used in the sale of a policy; and,

3. A policy summary may not include the use of any element or value that is not guaranteed.

The Department intends to amend Regulation 77-2 to incorporate these guidelines. Any insurer with questions should contact Thomas Crompton at (802)-828-4845.