Section R590-177-2 - Purpose and Scope(1) The purpose of this rule is to:(a) establish rules for life insurance policy illustrations to protect consumers and foster consumer education;(b) provide formats, standards, and required disclosures; and(c) ensure that illustrations are understandable and not misleading.(2) This rule applies to a group or individual life insurance policy or certificate sold on or after January 1, 1997, except: (a) variable life insurance;(b) individual and group annuity contracts;(c) credit life insurance; and(d) a life insurance policy with no illustrated death benefit on any individual exceeding $10,000.Utah Admin. Code R590-177-2
Amended by Utah State Bulletin Number 2023-03, effective 1/24/2023