Section 760 IAC 1-16.1-8 - Existing insurer's dutiesAuthority: IC 27-1-3-7
Affected: IC 27-4-1-8
Sec. 8.
Each existing insurer shall inform its responsible personnel of the requirements of 760 IAC 1-16.1. Each existing insurer, or such insurer's agent, that undertakes a conservation effort shall:
(A) Within twenty days from the date the "Important Notice Regarding Replacement of Life Insurance" required by 760 IAC 1-16.1-6(C)(3) is received, furnish the policyowner with an Essential Policy Information Summary as described in 760 IAC 1-16.1-3(H) for the existing life insurance completed from the current policy year. Life Insurance cost index and equivalent level annual dividend figures need not be included in the Essential Policy Information Summary.(B) Maintain a file containing the following:(1) Copies of the "Important Notice Regarding Replacement of Life Insurance" required by 760 IAC 1-16.1-6(C)(3) received from replacing insurers; and(2) Copies of Essential Policy Information Summaries prepared pursuant to subsection (A) of this section, and all Sales Proposals used to conserve the existing life insurance. This material shall be indexed by the replacing insurer and held for three years or until the conclusion of the next regular examination conducted by the Insurance Department of its domicile, whichever is later.
Department of Insurance; Reg 28, Sec 9; filed Oct 12, 1979, 4:50 pm: 2 IR 1571, eff Jan 1, 1980; filed Aug 20, 1982, 2:58 pm: 5 IR 2234, eff Jan 1, 1983; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFAReadopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFA