Iowa Admin. Code r. 191-14.8

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 191-14.8 - Standards for supplemental illustrations

(1) A supplemental illustration may be provided so long as:

a. It is appended to, accompanied by or preceded by a basic illustration that complies with these rules;

b. The nonguaranteed elements shown are not more favorable to the policyowner than the corresponding elements based on the scale used in the basic illustration;

c. It contains the same statement required of a basic illustration that nonguaranteed elements are not guaranteed; and

d. 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 the premium outlay shown in the basic illustration.

(2) The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.

Iowa Admin. Code r. 191-14.8

Adopted by IAB March 20, 2024/Volume XLVI, Number 19, effective 4/24/2024