Ala. Admin. Code r. 482-1-114-.08

Current through Register Vol. 43, No. 02, November 27, 2024

Section 482-1-114-.08 - Standards For Supplemental Illustrations

A. A supplemental illustration may be provided so long as:

(1) It is appended to, accompanied by or preceded by a basic illustration that complies with this chapter;

(2) The non-guaranteed elements shown are not more favorable to the policy owner than the corresponding elements based on the scale used in the basic illustration;

(3) It contains the same statement required of a basic illustration that non-guaranteed elements are not guaranteed; and

(4) For a policy that has a contract premium, the contract premium underlying the supplemental illustration is equal to the contract premium shown in the basic illustration. For policies that do not require a contract premium, the premium outlay underlying the supplemental illustration shall be equal to the premium outlay shown in the basic illustration.

B. The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.

Author: Commissioner of Insurance

Ala. Admin. Code r. 482-1-114-.08

New Rule: Filed October 15, 1996; effective January 1, 1998. Filed for codification in the Alabama Administrative Code by the Department of Insurance on April 15, 2004, pursuant to the Code of Ala. 1975, § 27-7-43.

Statutory Authority:Code of Ala. 1975, § 27-2-17.