1. (a) Illustration delivery provisions. An illustration or revised illustration shall be delivered by the insurer as set out in paragraphs (1)-(4) of this subsection.

   1. (1) Basic illustration delivery. If a basic illustration is used by an insurance producer or other authorized representative of the insurer in the sale of a life insurance policy and the policy is applied for as illustrated, a copy of that illustration signed in accordance with this rule shall be submitted to the insurer at the time of policy application. A copy also shall be provided to the applicant.
   2. (2) Revised illustration delivery. If the policy is issued other than as applied for, a revised basic illustration conforming to the policy as issued shall be sent with the policy. The revised illustration shall conform to the requirements of this subchapter, shall be labeled "Revised Illustration" and shall be signed and dated by the applicant or policy owner and producer or other authorized representative of the insurer no later than the time the policy is delivered. A copy shall be provided to the insurer and the policy owner.
   3. (3) Certification required where no illustration is used. If no illustration is used by an insurance producer or other authorized representative in the sale of a life insurance policy or if the policy is applied for other than as illustrated, the producer or representative shall certify to that effect in writing on a form provided by the insurer. On the same form the applicant shall acknowledge that no illustration conforming to the policy applied for was provided and shall further acknowledge an understanding that an illustration conforming to the policy 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.
   4. (4) Illustration to be provided with policy. If the policy is issued under facts and circumstances described in paragraph (3) of this subsection, a basic illustration conforming to the policy as issued shall be sent with the policy. A copy shall be provided to the insurer and the policy owner.
2. (b) Records retention. A copy of the basic illustration and a revised basic illustration, if any, along with any certification that either no illustration was used or that the policy was applied for other than as illustrated, shall be retained by the insurer until three years after the policy is no longer in force. A copy need not be retained if no policy is issued.

Source Note:The provisions of this §21.2209 adopted to be effective September 29, 1998, 23 TexReg 9753.