NAC686A.476. Requirements when basic illustration or revised basic illustration is delivered by mail; insurer to retain illustration or certificate that illustration was not used.

     1. If a basic illustration or a revised basic illustration is delivered by an insurer to an applicant or policy owner by mail, it must include instructions for the applicant or policy owner to sign a duplicate copy of the page of the illustration containing the numeric summary and return the signed copy to the insurer. An insurer shall be deemed to have complied with the provisions of this subsection if it can demonstrate that it has made a diligent effort to secure a signed copy of the page containing the numeric summary. An insurer shall be deemed to have made a diligent effort if it includes in the mailing a self-addressed postage paid envelope with instructions for the return of the signed copy of the page containing the numeric summary.

     2. A copy of a basic illustration, a revised basic illustration or a certification that an illustration was not used in connection with the sale of a policy or that a policy was applied for other than as illustrated, which is signed by the policy owner, must be retained by the insurer for not less than 3 years after the policy is no longer in force. A copy does not need to be retained if no policy is issued.

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