Section 38a-433-29 - Information furnished to applicantsAn insurer delivering or issuing for delivery in this state any Modified Guaranteed Life Insurance Policy shall deliver to the applicant for the policy, and obtain a written acknowledgment of receipt from such applicant coincident with or prior to the execution of the application, the following information. The requirements of this section shall be deemed to have been satisfied to the extent that a disclosure containing information required by this section is delivered, either in the form of (1) a prospectus which is part of an effective registration statement under the Securities Act of 1933; or (2) all information and reports required by the Employee Retirement Income Securities Act of 1974 if the policies are exempted from the registration requirements of the Securities Act of 1933.
(a) A summary explanation, in non-technical terms, of the principal features of the policy, including a description of the manner in which the nonforfeiture benefits will be affected by the market value adjustment formula and the factors which affect such variation. Such explanation must include notices of the provision required by subdivision (b) (1) (B) of section 38a-433-26;(b) A summary of the federal income tax aspects of the policy applicable to the insured, the policyholder and the beneficiary;(c) Illustrations of benefits payable under the Modified Guaranteed Life Insurance Policy. Such illustrations shall be prepared by the insurer and shall not include projections of past investment experience into the future or attempted predictions of future investment experience, provided that nothing contained herein prohibits use of hypothetical assumed rates of return to illustrate possible levels of benefits if it is made clear that such assumed rates are hypothetical only.Conn. Agencies Regs. § 38a-433-29
Effective September 25, 1992