61A.71 POLICIES TO BE ILLUSTRATED.
(a) Each insurer marketing policies to which sections 61A.70 to 61A.745 are applicable shall
notify the commissioner whether a policy form is to be marketed with or without an illustration.
For all policy forms being actively marketed on January 1, 2008, the insurer shall identify in
writing those forms and whether or not an illustration will be used with them. For policy forms
filed after January 1, 2008, the identification must be made at the time of filing. Any previous
identification may be changed by notice to the commissioner.
(b) If the insurer identifies a policy form as one to be marketed without an illustration, any use
of an illustration for any policy using that form prior to the first policy anniversary is prohibited.
(c) If a policy form is identified by the insurer as one to be marketed with an illustration,
a basic illustration prepared and delivered in accordance with sections 61A.70 to 61A.745 is
required, except that a basic illustration need not be provided to individual members of a group
or to individuals insured under multiple lives coverage issued to a single applicant unless the
coverage is marketed to these individuals. The illustration furnished an applicant for a group
life insurance policy or policies issued to a single applicant on multiple lives may be either an
individual or composite illustration representative of the coverage on the lives of members of the
group or the multiple lives covered.
(d) Potential enrollees of nonterm group life subject to sections 61A.70 to 61A.745 shall be
furnished a quotation with the enrollment materials. The quotation must show potential policy
values for sample ages and policy years on a guaranteed and nonguaranteed basis appropriate to
the group and the coverage. This quotation must not be considered an illustration for purposes of
sections 61A.70 to 61A.745, but all information provided shall be consistent with the illustrated
scale. A basic illustration must be provided at delivery of the certificate to enrollees for nonterm
group life who enroll for more than the minimum premium necessary to provide pure death
benefit protection. In addition, the insurer shall make a basic illustration available to any nonterm
group life enrollee who requests it.
History: 2007 c 104 s 8