1. I. Life insurers shall provide individual life insurance policyholders with a written notice that any of the acts described in paragraph III can have significant future financial, tax, or other implications and the consumer should consult with a licensed financial advisor, attorney, or other professional who can explain to the consumer all available options and consequences before acting.
2. II. The timing of the issuance of the notice, and the form of the notice shall be as set forth in rules adopted by the commissioner.

3. III. Actions that may have a significant future financial, tax, or other implication to the consumer are:

   1. (a) Sale of the policy.
   2. (b) Surrender of the policy.
   3. (c) Lapse of the policy.
   4. (d) Assignment of the policy or any right under the policy.
   5. (e) Failure to pay premium.
   6. (f) Application of the equity of the policy toward payment of premium.
   7. (g) Application of accumulated dividends toward payment of premium.
   8. (h) Financing of premium payments.
4. IV. Life insurers shall comply with regulations that require annual reporting to the consumer of policy information including annual reporting of the cash value of the policy.

Source. 2010, 132:1, eff. June 14, 2010.