Mo. Code Regs. tit. 20 § 400-1.140
Current through Register Vol. 49, No. 23, December 2, 2024
Section 20 CSR 400-1.140 - Policies and Contracts Subject to Section 376.678, RSMo-Notice RequirementsPURPOSE: This rule defines individual whole life policy and individual deferred annuity contract as used in section 376.678, RSMo, sets forth the conditions under which the notice requirements of section 376.678, RSMo, are satisfied and specifies the policies and contracts which are subject to section 376.678, RSMo. This rule is promulgated pursuant to sections 374.045 and 376.678, RSMo.
(1) Definitions. (A) Whole life policy includes all life insurance policies which are subject to the provisions of section 376.670, RSMo, including, but not limited to: 1. Paid-up or reduced paid-up policies issued or coverage existing, due to the policy owner's election of a nonforfeiture option; or2. Term insurance policies which automatically become, at some time in the future, plans of insurance which develop nonforfeiture values.(B) Individual deferred annuity includes only those annuities to which premiums have not been credited in the prior twelve (12) months. The requirements of section 376.678, RSMo, do not apply after the contract annuities.(C) Required notice shall include the name of the policyholder or contract holder, the policy or contract number and any premium payable.(2) All life insurance companies doing business in this state shall furnish, at least annually, to each individual whole life or deferred annuity policyholder the required notice defined in subsection (1)(C).(3) The notice requirements are not applicable to-(A) Any policy or contract under which a settlement option has been elected; and(B) Life insurance policies in force on an extended term basis.(4) The annual notification requirements will be satisfied if the required information is sent by first class mail to the policy or contract holder's last known mailing address. Preauthorized banking arrangements are exempt from the notice requirements if the preauthorization agreement contains the information required by this rule, the premiums for the policy or contract are payable on a frequency of annually or less and the insurer has received payment on the policy or contract in the last twelve (12)-month period. AUTHORITY: sections 374.045, RSMo 1986 and 376.678, RSMo Supp. 1987.* This rule was previously filed as 4 CSR 190-13.280. Original rule filed Dec. 15, 1987, effective April 11, 1988. *Original authority: 374.045, RSMo 1967 and 376.678, RSMo 1987.