Section 95.11 - Information Furnished to Applicants(1) At or before the execution of any application for a variable life insurance policy, the insurer shall give the applicant the following information: (a) a summary explanation, in non-technical terms, of the principal features of the policy, including a description of the manner in which the variable benefits will reflect the investment experience of the separate account and the factors which affect such variation. Such explanation must include a notice of the provisions required by 211 CMR 95.08(1)(g) and 95.08(9). This summary shall also include: 1. a prominent statement that the premium is flexible or fixed, and that the amount or duration of the death benefit may be variable or fixed under specified conditions and may increase or decrease;2. for scheduled premium policies, a prominent statement that a premium at a guaranteed rate is necessary to sustain the policy in force to policy maturity;3. a prominent statement that cash values may increase or decrease in accordance with the experience of the separate account (subject to any specified minimum guarantees);4. a prominent statement that in the case of a variable endowment policy the amount of the endowment payable at maturity is not guaranteed but is dependent upon then cash value at maturity (subject to any specified minimum guarantees); and5. for flexible premium policies which do not have a guaranteed death benefit until the maturity date of the policy, a prominent statement explaining that the applicant could lose his or her entire investment, depending on the performance of the fund, and that as a result there could be no death benefit absent additional payments made to keep the policy in force;(b) a statement of the investment policy of the separate account including: 1. a description of the investment objectives intended for the separate account and the principal types of investments intended to be made; and2. a notice that a statement describing any restrictions or limitations on such investments or on the manner in which the operations of the separate account are intended to be conducted is available upon request.(c) a statement of the net investment return of the separate account for each of the last ten years or such lesser period as the separate account has been in existence.(d) a statement of the annual charges, each of the items expressed as a dollar amount or as an annual percentage, levied against the separate account during the previous year, or to the extent to which they are ascertainable or may be reasonably estimated, of all charges which may be levied against the separate account in the coming year in comparable detail to that provided in accordance with the requirements of 211 CMR 95.05.(e) a statement of all front end loads, back end loads, surrender charges and other charges which may be made under the policy in comparable detail to that provided in accordance with the requirements of 211 CMR 95.08.(f) a summary of the method to be used in valuing assets held by the separate account.(g) a summary of the federal income tax aspects of the policy applicable to the insured, the policy owner, and the beneficiary. This summary shall also include a statement to the effect that federal and state tax laws can change from time to time without notice and, as a result, the taxable consequences to the insured, policy owner or beneficiary may be altered.(h) a statement describing how the actuarially determined costs of insurance (tabular costs) are charged.(i) Illustrations of benefits payable under the variable life insurance contract. All such illustrations shall be prepared by the insurer and shall not include projections of past investment experience into the future or attempt predictions of future investment experience; provided, however, that an insurer may use hypothetical assumed rates of return to illustrate possible levels of benefits if it is made clear that such assumed rates are hypothetical only, and are not predictions of actual future performance, and as long as one of the hypothetical assumed rates is 0% and assumes maximum guaranteed mortality and expense charges. At least one set of illustrations provided to the applicant shall disclose all charges that would be levied against the contract, with a clear explanation of the nature and amount or those charges. The Commissioner may disapprove any illustration he or she deems to be misleading, inadequate, or incorrect.(j) any statement that a policy will be paid up or will require no cash outlay after a given time period must be in writing, and must clearly specify in detail all assumptions on which the statement is based.(k) Such additional information concerning the variable life insurance operations or the variable life insurance separate accounts as the Commissioner may deem necessary.(2) The insurer shall obtain from each applicant a signed and dated acknowledgment of receipt for the information described in 211 CMR 95.11(1).(3) The requirements of 211 CMR 95.11(1) shall be deemed to have been satisfied to the extent that information required by 211 CMR 95.11(1) is delivered in either of the following forms: (a) a prospectus included in a registration statement that satisfies the requirements of the Federal Securities Act of 1933 and has been declared effective by the Securities and Exchange Commission; or(b) if the policies are exempted from the registration requirements of the Securities Act of 1933 pursuant to section 3(a)(2) thereof, all information and reports required by the Employee Retirement Income Security Act of 1974 (ERISA). Any disclosures not found in such prospectus or report documents shall be provided to the applicant on a sticker attached to such prospectus or report or on a supplemental disclosure page, in such form as approved by the Commissioner. To the extent that an insurer relies upon the prospectus or ERISA reports to provide information required by 211 CMR 95.11(1), the insurer shall file with the Commissioner a certification by a company official as to which provisions of 211 CMR 95.11 are complied with thereby. Such filing shall accompany the filing of the policy form and supplemental disclosure page or sticker.(4) No insurer or insurance producer authorized to transact variable life insurance business in the Commonwealth may use any policy material, sales material, advertising material, or descriptive literature or other materials of any kind in connection with its variable life insurance business in the Commonwealth which is false, misleading, deceptive, or inaccurate.(5) Any material submitted to the Commissioner under 211 CMR 95.11 or 95.12 will be disapproved if it is found to be false, misleading, deceptive, or inaccurate in any material respect and, if previously distributed, the Commissioner may require the distribution of amended material. Any material required to be filed with and approved by the Commissioner shall be subject to disapproval if at any time it is found by him or her not to comply with the standards established in 211 CMR 95.11. 211 CMR 95.11 in no way limits the Commissioner's authority to impose other sanctions as permitted by law.