- (1) The purpose of this rule is to require an insurer to provide to a life insurance purchaser information to assist the purchaser in selecting a plan of life insurance appropriate for the purchaser's needs.
(2) This rule applies to:
- (a) any solicitation, negotiation, or procurement of life insurance within this state; and
- (b) any issuer of a life insurance contract including a fraternal benefit society.
(3) Unless otherwise included, this rule does not apply to:
- (a) an annuity;
- (b) credit life insurance;
- (c) group life insurance, except that a disclosure relating to a preneed funeral contract or prearrangement shall extend to the issuance or delivery of a certificate as well as to the policy;
- (d) a life insurance policy issued in connection with a pension and welfare plan as defined by the Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. 18, et seq.; or
- (e) variable life insurance.
KEY: insurance law
Date of Last Change: November 7, 2024
Notice of Continuation: August 9, 2024
Authorizing, and Implemented or Interpreted Law: 31A-2-201