Ill. Admin. Code tit. 50 § 1406.60

Current through Register Vol. 48, No. 15, April 12, 2024

Section 1406.60 - 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 Part;

2) The non-guaranteed elements shown are not more favorable to the policyowner 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 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.

Ill. Admin. Code tit. 50, § 1406.60