1. (1) The purpose of this rule is to:

   1. (a) establish rules for life insurance policy illustrations to protect consumers and foster consumer education;
   2. (b) provide formats, standards, and required disclosures; and
   3. (c) ensure that illustrations are understandable and not misleading.

2. (2) This rule applies to a group or individual life insurance policy or certificate sold on or after January 1, 1997, except:

   1. (a) variable life insurance;
   2. (b) individual and group annuity contracts;
   3. (c) credit life insurance; and
   4. (d) a life insurance policy with no illustrated death benefit on any individual exceeding $10,000.

KEY: insurance

Date of Last Change: January 24, 2023

Notice of Continuation: February 6, 2026

Authorizing, and Implemented or Interpreted Law: 31A-23-302