R.C.S.A. § 38a-819-37
General rules
Cite as Conn. Agencies Regs. § 38a-819-37
(A) Each insurer shall maintain at its home office or principal office, a complete
file containing one copy of each document authorized by the insurer for use pursuant
to this regulation. Such file shall contain one copy of each authorized form for a
period of three years following the date of its last authorized use.
(B) An agent shall inform the prospective purchaser, prior to commencing a life insurance
sales presentation, that he is acting as a life insurance agent and inform the prospective
purchaser of the full name of the insurance company which he is representing to the
buyer. In sales situations in which an agent is not involved, the insurer shall identify
its full name.
(C) Terms such as financial planner, investment advisor, financial consultant, or
financial counseling shall not be used in such a way as to imply that the insurance
agent is generally engaged in an advisory business in which compensation is unrelated
to sales unless such is actually the case.
(D) Any reference to policy dividends must include a statement that dividends are
not guaranteed.
(E) A system or presentation which does not recognize the time value of money through
the use of appropriate interest adjustments shall not be used for comparing the cost
of two or more life insurance policies. Such a system may be used for the purpose
of demonstrating the cash-flow pattern of a policy if such presentation is accompanied
by a statement disclosing that the presentation does not recognize that, because of
interest, a dollar in the future has less value than a dollar today.
(F) A presentation of benefits shall not display guaranteed and non-guaranteed benefits
as a single sum unless they are shown separately in close proximity thereto.
(G) A statement regarding the use of the Life Insurance Cost Indexes shall include
an explanation to the effect that the indexes are useful only for the comparison of
the relative costs of two or more similar policies.
(H) A Life Insurance Cost Index which reflects dividends or an Equivalent Level Annual
Dividend shall be accompanied by a statement that it is based on the company's current
dividend scale and is not guaranteed.
(I) For the purposes of this regulation, the annual premium for a basic policy or
rider, for which the company reserves the right to change the premium, shall be the
maximum annual premium.