Missouri Revised Statutes













Chapter 375

Provisions Applicable to All Insurance Companies

←375.1515

Section 375.1518.1

375.1521→

August 28, 2015

Use of basic illustration at time of sale of policy, revised illustration--illustration provided at time of policy delivery, certification, acknowledgment--illustrations sent by mail, requirements--copies to be retained, when--policy summary not required, when.

375.1518. 1. (1) If a basic illustration is used by an insurance

producer or other authorized representative of the insurer in the sale of a

life insurance policy and the policy is applied for as illustrated, a copy of

that illustration, signed in accordance with sections 375.1500 to 375.1527,

shall be submitted to the insurer at the time of policy application. A copy

also shall be provided to the applicant.



(2) If the policy is issued other than as applied for, a revised basic

illustration conforming to the policy as issued shall be sent with the

policy. The revised illustration shall conform to the requirements of

sections 375.1500 to 375.1530, shall be labeled "Revised Illustration" and

shall be signed and dated by the applicant or policy owner and producer or

other authorized representative of the insurer no later than the time the

policy is delivered. A copy shall be provided to the insurer and the policy

owner.



2. (1) If no illustration is used by an insurance producer or other

authorized representative in the sale of a life insurance policy or if the

policy is applied for other than as illustrated, the producer or

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 shall

further acknowledge an understanding that an illustration conforming to the

policy as issued will be provided no later than at the time of policy

delivery. This form shall be submitted to the insurer at the time of policy

application.



(2) If the policy is issued, a basic illustration conforming to the

policy as issued shall be sent with the policy and signed no later than the

time the policy is delivered. A copy shall be provided to the insurer and

the policy owner.



3. If the basic illustration or revised illustration is sent to the

applicant or policy owner by mail from the insurer, it shall include

instructions for the applicant or policy owner to sign the duplicate copy of

the numeric summary page of the illustration for the policy issued and return

the signed copy to the insurer. The insurer's obligation pursuant to this

subsection shall be satisfied if it can demonstrate that it has made a

diligent effort to secure a signed copy of the numeric summary page. The

requirement to make a diligent effort shall be deemed satisfied if the

insurer includes in the mailing a self-addressed postage prepaid envelope with

instructions for the return of the signed numeric summary page.



4. A copy of the basic illustration and a revised basic illustration, if

any, signed as applicable, along with any certification that either no

illustration was used or that the policy was applied for other than as

illustrated, shall be retained by the insurer until three years after the

policy is no longer in force. A copy need not be retained if no policy is

issued.



5. Any policy marketed with an illustration pursuant to sections

375.1500 to 375.1530 shall not be required to have the policy summary

required by section 376.706.



(L. 1998 S.B. 722 § 12, A.L. 1999 H.B. 926)







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