Duties of Replacing Insurers

Section 917 Section 917.70  Duties of Replacing Insurers Each insurer shall: a)         Require with or as part of each completed application for life insurance or annuity a statement signed by the insurance producer and the applicant as to whether or not such insurance will replace existing life insurance or annuity; b)         Where a replacement is involved, each replacing insurer shall require from the insurance producer, with the application for life insurance or annuity, a copy of the notices  required in Section 917.60(b); c)         In the case of a replacement, the insurers shall comply with Section 224(2) of the Illinois Insurance Code [215 ILCS 5/224(2)], and furnish to the applicant a copy of the Buyer's Guide pursuant to 50 Ill. Adm. Code 930.50 and forward, to the existing insurer, within 3 working days after receipt of the application, the Notice Regarding Proposed Replacement of Life Insurance or Annuity which is Exhibit B of this Part; and d)         Each replacing insurer shall maintain, at its home office for at least 3  years following the date of insurance producer's  signature or date of mailing copies of the notices  as required in Section 917.60(b) for all instances where an insurance producer is involved.