760 IAC 1-16.1-6 Replacing insurer's duties

Sec. 6. Each replacing insurer shall: (A) Inform its field representatives of the requirements of 760 IAC 1-16.1. (B) Require with or as part of each completed application for life insurance: (1) A statement signed by the applicant as to whether or not such insurance will replace existing life insurance; and (2) A statement signed by the agent as to whether or not he or she knows replacement is or may be involved in the transaction. (C) Where a replacement is involved: (1) Require from the agent with the application for life insurance a copy of the "Important Notice Regarding Replacement of Life Insurance" signed by the agent and the applicant, and a copy of all written Sales Proposals used for presentation to the applicant. (2) Furnish to the applicant a Policy Summary in accordance with the provisions of the Life Insurance Solicitation Regulation, 760 IAC 1-24. (3) Send to the existing insurer a copy of the "Important Notice Regarding Replacement of Life Insurance" as required by 760 IAC 1-16.1-6(C)(1) within three working days of the date the application is received at its Home or Regional Office, or the date its policy is issued, whichever is sooner. (4) Maintain copies of the "Important Notice Regarding Replacement of Life Insurance", the Policy Summary, and all Sales Proposals used, and a replacement register, cross indexed, by replacing agent and existing insurer to be replaced, for at least three years or until the conclusion of the next succeeding regular examination by the Insurance Department of its state of domicile, whichever is later. (5) Provide, to the applicant, either in its policy or in a separate written notice which is delivered with the policy that the applicant has a right to an unconditional refund of all premiums paid, which right may be exercised within a period of twenty days commencing from the date of delivery of the policy.