Authority: IC 27-1-3-7

Affected: IC 27-4-1-8

Sec. 5. (A) Each agent shall submit to the replacing insurer with or as part of each application for life insurance:

1. (1) A statement signed by the applicant as to whether or not such insurance will replace existing life insurance; and
2. (2) A signed statement as to whether or not the agent knows replacement is or may be involved in the transaction.

(B) Where a replacement is involved, the agent shall:

1. (1) Present to the applicant, not later than at the time of taking the application, a copy of the "Important Notice Regarding Replacement of Life Insurance" in the form as described in 760 IAC 1-16.1-12.5 or other substantially similar form approved by the Commissioner. The original copy of the Notice must be signed by and left with the applicant.
2. (2) Provide and leave with the applicant the original or a copy of all written Sales Proposals used for presentation to the applicant.
3. (3) Submit to the replacing insurer with the application, a copy of the "Important Notice Regarding Replacement of Life Insurance" signed by the agent and the applicant and a copy of all written Sales Proposals used for presentation to the applicant.

(C) Each agent who uses a Sales Proposal when conserving existing life insurance shall:

1. (1) Leave with the applicant the original or a copy of all Sales Proposals used in the conservation effort; and
2. (2) Submit to the existing insurer a copy of all Sales Proposals used in the conservation effort.

(Department of Insurance; Reg 28, Sec 6; filed Oct 12, 1979, 4:50 pm: 2 IR 1569, eff Jan 1, 1980; filed Aug 20, 1982, 2:58 pm: 5 IR 2232, eff Jan 1, 1983; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed Nov 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA; readopted filed Nov 19, 2019, 9:18 a.m.: 20191218-IR-760190497RFA; readopted filed Oct 22, 2025, 3:17 p.m.: 20251119-IR-760240637RFA)