Idaho Admin. Code r. 18.03.04.015

Current through September 2, 2024
Section 18.03.04.015 - DUTIES OF INSURERS WITH RESPECT TO DIRECT RESPONSE SALES
01.Insurer Did Not Propose Replacement. If in the solicitation of a direct response sale, the insurer did not propose the replacement, and a replacement is involved, the insurer will propose to send to the applicant with the policy a Replacement Notice as described on the DOI website or other substantially similar form approved by the Director.
02.Insurer Proposed Replacement. If the insurer proposed the replacement it will:
a. Provide to applicants or prospective applicants with or as part of the application a replacement notice as described on the DOI website or other substantially similar form approved by the Director.
b. Request from the applicant with or as part of the application, a list of all existing life insurance or annuities replaced and properly identified by name of insurer and insured.
c. Comply with the requirements of Subsection 014.02.b., if the applicant furnishes the names of the existing insurers, and the requirements of Subsection 014.03, except that it need not maintain a replacement register.

Idaho Admin. Code r. 18.03.04.015

Effective March 31, 2022