NAC686A.4755. Solicitor to provide insurer and applicant copy of basic illustration to which policy conforms; required provisions of revised basic illustration; requirements when basic illustration not used in connection with sale.

     1. If a basic illustration is used by an insurer’s agent, broker or other authorized representative in connection with the sale of a policy of life insurance and the policy is applied for as illustrated, the agent, broker or authorized representative shall submit a copy of that illustration, signed in accordance with NAC 686A.460 to 686A.479, inclusive, to the insurer and the applicant at the time the applicant applies for the policy.

     2. If the policy is issued other than as applied for, the agent, broker or authorized representative shall deliver a revised basic illustration conforming to the policy as issued to the applicant or policy owner at the time the policy is delivered. The revised illustration must:

     (a) Conform to the requirements of NAC 686A.460 to 686A.479, inclusive, that apply to basic illustrations;

     (b) Be labeled “Revised Illustration”;

     (c) Be signed and dated by the applicant or policy owner and the insurer’s agent, broker or other authorized representative of the insurer no later than the date on which the policy is delivered; and

     (d) Be provided to the insurer and the applicant or policy owner.

     3. If an illustration is not used by an agent, broker or other authorized representative of an insurer in connection with the sale of a policy of life insurance or if the policy is applied for other than as illustrated, the agent, broker or authorized 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 that an illustration conforming to the policy as issued will be provided to the applicant no later than at the time of the delivery of the policy. This form must be submitted to the insurer at the time the applicant applies for the policy.

     4. If the policy is issued, the agent, broker or authorized representative shall deliver a basic illustration conforming to the policy as issued with the policy. The basic illustration must be signed no later than the date on which the policy is delivered. A copy must be provided to the insurer and the policy owner.

     (Added to NAC by Comm’r of Insurance by R089-97, eff. 1-14-98)