210 Neb. Admin. Code, ch. 40, § 009

Current through September 17, 2024

Section 210-40-009 - Periodic Disclosure to Policyowner

009.01 Requirements

The policy shall provide that the policyowner will be sent, without charge, at least annually, a report which will serve to keep such policyowner advised of the status of the policy. The end of the current report period shall be not more than three (3) months previous to the date of the mailing of the report.

Such report shall include the following:

009.01A The beginning and end of the current report period.

009.01B The policy value at the end of the previous report period and at the end of the current report period.

009.01C The total amounts which have been credited or debited to the policy value during the current report period, identifying each by type (e.g., interest, mortality, expense and riders).

009.01D The current death benefit at the end of the current report period on each life covered by the policy.

009.01E The net cash surrender value of the policy as of the end of the current report period.

009.01F The amount of outstanding loans, if any, as of the end of the current report period.

009.01G For fixed premium policies:

If, assuming guaranteed interest, mortality and expense loads and continued scheduled premium payments, the policy's net cash surrender value is such that it would not maintain insurance in force until the end of the next reporting period, a notice to this effect shall be included in the report.

009.01H For flexible premium policies:

If, assuming guaranteed interest, mortality and expense loads, the policy's net cash surrender value will not maintain insurance in force until the end of the next reporting period unless further premium payments are made, a notice to this effect shall be included in the report.

210 Neb. Admin. Code, ch. 40, § 009