20 CSR 400-5.800
Annuity Disclosure
PURPOSE: This rule effectuates and aids in the interpretation of
sections 375.141.1(8), 375.143, and 375.936(4), (6), and (7), RSMo.
The purpose of this rule is to provide standards for the disclosure
of certain minimum information about annuity contracts to
protect consumers and foster consumer education. This rule
specifies the minimum information which must be disclosed, the
method for disclosing it, and the use and content of illustrations,
if used, in connection with the sale of annuity contracts. The
goal of this rule is to ensure that purchasers of annuity contracts
understand certain basic features of annuity contracts. This rule
implements the National Association of Insurance Commissioners
(NAIC) Annuity Disclosure Guideline Regulation #245.
(1) Applicability and Scope. This rule applies to all group and
individual annuity contracts and certificates except—
(A) Immediate and deferred annuities that contain no nonguaranteed elements;
(B) (Reserved)
1. Annuities used to fund—
A. An employee pension plan which is covered by the
Employee Retirement Income Security Act (ERISA);
B. A plan described by Sections 401(a), 401(k), or 403(b)
of the Internal Revenue Code, where the plan, for purposes of
ERISA, is established or maintained by an employer;
C. A governmental or church plan defined in Section 414
or a deferred compensation plan of a state or local government
or a tax exempt organization under Section 457 of the Internal
Revenue Code; or
D. A nonqualified deferred compensation arrangement
established or maintained by an employer or plan sponsor.
2. Notwithstanding paragraph (1)(B)1., the rule shall apply
to annuities used to fund a plan or arrangement that is funded
solely by contributions an employee elects to make whether on
a pre-tax or after-tax basis, and where the insurance company
has been notified that plan participants may choose from
among two (2) or more fixed annuity providers and there is a
direct solicitation of an individual employee by a producer for
the purchase of an annuity contract. As used in this subsection,
direct solicitation shall not include any meeting held by a
producer solely for the purpose of educating or enrolling
employees in the plan or arrangement;
(C) Non-registered variable annuities issued exclusively to
an accredited investor or qualified purchaser as those terms
are defined by the Securities Act of 1933 (15 U.S.C. Section 77a
et seq.), the Investment Company Act of 1940 (15 U.S.C. Section
80a-1 et seq.), or the regulations promulgated under either of
those acts, and offered for sale and sold in a transaction that
is exempt from registration under the Securities Act of 1933 (15
U.S.C. Section 77a et seq.);
(D) (Reserved)
1. Transactions involving variable annuities and other
registered products in compliance with Securities and
Exchange Commission (SEC) rules and Financial Industry
Regulatory Authority (FINRA) rules relating to disclosures and
illustrations, provided that compliance with section (3) of this
rule shall be required after January 1, 2014, unless, or until
such time as, the SEC has adopted a summary prospectus rule
or FINRA has approved for use a simplified disclosure form
applicable to variable annuities or other registered products.
2. Notwithstanding paragraph (1)(D)1., the delivery of the
Buyer’s Guide is required in sales of variable annuities, and
when appropriate, in sales of other registered products.
3. Nothing in this rule shall limit the director’s ability
to enforce the provisions of this rule or to require additional
disclosure;
(E) Structured settlement annuities.
(2) Definitions. For the purposes of this rule—
(A) “Buyer’s Guide” means the National Association of
Insurance Commissioners’ (NAIC) approved Annuity Buyer’s
Guide, as appropriate for the annuity being offered for sale,
either the Buyer’s Guide for Deferred Annuities – Variable,
Buyer’s Guide for Deferred Annuities – Fixed, or the Buyer’s Guide
for Deferred Annuities; use of the Buyer’s Guide for Deferred
Annuities is considered appropriate in all sales and is included
herein as Appendix A. A current version of the NAIC Annuity
Buyer’s Guide and its various formats, available on the NAIC
website, www.naic.org, is an acceptable substitute;
(B) “Contract owner” means the owner named in the annuity
contract or certificate holder in the case of a group annuity
contract;
(C) “Determinable elements” means elements that are
derived from processes or methods that are guaranteed at issue
and not subject to company discretion, but where the values
or amounts cannot be determined until some point after
issue. These elements include the premiums, credited interest
rates (including any bonus), benefits, values, non-interest
based credits, and/or charges or elements of formulas used
to determine any of these. These elements may be described
as guaranteed but not determined at issue. An element is
considered determinable if it was calculated from underlying
determinable elements only, or from both determinable and
guaranteed elements;
(D) “Generic name” means a short title descriptive of the
annuity contract being applied for or illustrated such as “single
premium deferred annuity;”
(E) “Guaranteed elements” means the premiums, credited
interest rates (including any bonus), benefits, values, noninterest based credits, charges, or elements of formulas used
to determine any of these, that are guaranteed or have
determinable elements at issue. An element is considered
guaranteed if all of the underlying elements that go into its
calculation are guaranteed;
(F) “Illustration” means a personalized presentation or
depiction prepared for and provided to an individual consumer
that includes non-guaranteed elements of an annuity contract
over a period of years. A sample illustration is included herein
as Appendix B;
(G) “Market Value Adjustment” or “MVA” feature is a positive
or negative adjustment that may be applied to the account
value and/or cash value of the annuity upon withdrawal,
surrender, contract annuitization, or death benefit payment
based on either the movement of an external index or on
the company’s current guaranteed interest rate being offered
on new premiums or new rates for renewal periods, if that
withdrawal, surrender, contract annuitization, or death benefit
payment occurs at a time other than on a specified guaranteed
benefit date;
(H) “Non-guaranteed elements” means the premiums,
credited interest rates (including any bonus), benefits, values,
dividends, noninterest based credits, charges, or elements
of formulas used to determine any of these, that are subject
to company discretion and are not guaranteed at issue. An
element is considered non-guaranteed if any of the underlying
non-guaranteed elements are used in its calculation;
(I) “Registered product” means an annuity contract or
life insurance policy subject to the prospectus delivery
requirements of the Securities Act of 1933;
(J) “Structured settlement annuity” means a “qualified
funding asset” as defined in Section 130(d) of the Internal
Revenue Code or an annuity that would be a qualified funding
asset under Section 130(d) but for the fact that it is not owned
by an assignee under a qualified assignment.
(3) Standards for the Disclosure Document and Buyer’s Guide.
(A) (Reserved)
1. Where the application for an annuity contract is taken
in a face-to-face meeting, the applicant shall at or before the
time of application be given both the disclosure document
described in subsection (3)(B) of this rule and the Buyer’s Guide,
if any.
2. Where the application for an annuity contract is taken
by means other than in a face-to-face meeting, the applicant
shall be sent both the disclosure document and the Buyer’s
Guide no later than five (5) business days after the completed
application is received by the insurer.
A. With respect to an application received as a result of
a direct solicitation through the mail—
(I) Providing a Buyer’s Guide in a mailing inviting
prospective applicants to apply for an annuity contract shall
be deemed to satisfy the requirement that the Buyer’s Guide
be provided no later than five (5) business days after receipt of
the application;
(II) Providing a disclosure document in a mailing
inviting a prospective applicant to apply for an annuity
contract shall be deemed to satisfy the requirement that the
disclosure document be provided no later than five (5) business
days after receipt of the application.
B. With respect to an application received via the
Internet—
(I) Taking reasonable steps to make the Buyer’s Guide
available for viewing and printing on the insurer’s website
shall be deemed to satisfy the requirement that the Buyer’s
Guide be provided no later than five (5) business days after
receipt of the application;
(II) Taking reasonable steps to make the disclosure
document available for viewing and printing on the insurer’s
website shall be deemed to satisfy the requirement that the
disclosure document be provided no later than five (5) business
days after receipt of the application.
C. A solicitation for an annuity contract provided in other
than a face-to-face meeting shall include a statement that the
proposed applicant may contact the insurance department
of the state for a free annuity Buyer’s Guide. In lieu of the
foregoing statement, an insurer may include a statement that
the prospective applicant may contact the insurer for a free
annuity Buyer’s Guide.
D. Where the Buyer’s Guide and disclosure document
are not provided at or before the time of application, a free
look period of no less than fifteen (15) days shall be provided for
the applicant to return the annuity contract without penalty.
This free look shall run concurrently with any other free look
provided under state law or rule.
(B) At a minimum, the following information shall be
included in the disclosure document required to be provided
under this rule:
1. The generic name of the contract, the company product
name, if different, and form number, and the fact that it is an
annuity;
2. The insurer’s legal name, physical address, website
address, and telephone number;
3. A description of the contract and its benefits, emphasizing
its long-term nature, including examples where appropriate:
A. The guaranteed, and non-guaranteed elements of
the contract, and their limitations, if any, including for fixed
indexed annuities, the elements used to determine the indexbased interest, such as the participation rates, caps, or spread
and an explanation of how they operate;
B. An explanation of the initial crediting rate, or for fixed
indexed annuities, an explanation of how the index-based
interest is determined, specifying any bonus or introductory
portion, the duration of the rate, and the fact that rates may
change from time to time and are not guaranteed;
C. Periodic income options both on a guaranteed and
non-guaranteed basis;
D. Any value reductions caused by withdrawals from or
surrender of the contract;
E. How values in the contract can be accessed;
F. The death benefit, if available, and how it will be
calculated;
G. A summary of the federal tax status of the contract
and any penalties applicable on withdrawal of values from the
contract; and
H. Impact of any rider, including, but not limited to, a
guaranteed living benefit or long-term care rider;
4. Specific dollar amount or percentage charges and fees
shall be listed with an explanation of how they apply; and
5. Information about the current guaranteed rate or
indexed crediting rate formula, if applicable, for new contracts
that contains a clear notice that the rate is subject to change.
(C) Insurers shall define terms used in the disclosure
statement in language that facilitates the understanding by a
typical person within the segment of the public to which the
disclosure statement is directed, however, insurers’ definitions
AND INSURANCE
of terms defined in this rule may not deviate from the
definitions in this rule.
(D) Failure to comply with the requirements set forth in
section (3) of this rule shall constitute false information and/or
misrepresentations and false advertising of insurance policies
and/or misrepresentation in insurance applications as those
terms are used in section 375.936(4), (6), and (7), RSMo.
(4) Standards for Annuity Illustrations.
(A) An insurer or producer may elect to provide a consumer
an illustration at any time, provided that the illustration is in
compliance with this section and—
1. Clearly labeled as an illustration;
2. Includes a statement referring consumers to the
disclosure document and Buyer’s Guide provided to them in
connection with their purchase for additional information
about their annuity; and
3. Is prepared by the insurer or third party using software
that is authorized by the insurer prior to its use, provided
that the insurer maintains a system of control over the use of
illustrations.
(B) An illustration furnished an applicant for a group annuity
contract or contracts issued to a single applicant on multiple
lives may be either an individual or composite illustration
representative of the coverage on the lives of members of the
group or the multiple lives covered.
(C) The illustration shall not be provided unless accompanied
by the disclosure document referenced in section (3) of this
rule.
(D) When using an illustration, the illustration shall not—
1. Describe non-guaranteed elements in a manner that is
misleading or has the capacity or tendency to mislead;
2. State or imply that the payment or amount of nonguaranteed elements is guaranteed; or
3. Be incomplete.
(E) Costs and fees of any type shall be individually noted and
explained.
(F) An illustration shall conform to the following requirements:
1. The illustration shall be labeled with the date on which
it was prepared;
2. Each page, including any explanatory notes or pages,
shall be numbered and show its relationship to the total
number of pages in the disclosure document (e.g., the fourth
page of a seven-page disclosure document shall be labeled
“page 4 of 7 pages”);
3. The assumed dates of premium receipt and benefit
payout within a contract year shall be clearly identified;
4. If the age of the proposed insured is shown as a
component of the tabular detail, it shall be issue age plus the
numbers of years the contract is assumed to have been in force;
5. The assumed premium on which the illustrated benefits
and values are based shall be clearly identified, including rider
premium for any benefits being illustrated;
6. Any charges for riders or other contract features assessed
against the account value or the crediting rate shall be
recognized in the illustrated values and shall be accompanied
by a statement indicating the nature of the rider benefits or
the contract features, and whether or not they are included in
the illustration;
7. Guaranteed death benefits and values available upon
surrender, if any, for the illustrated contract premium shall be
shown and clearly labeled guaranteed;
8. The non-guaranteed elements underlying the nonguaranteed illustrated values shall be no more favorable than
current non-guaranteed elements and shall not include any
assumed future improvement of such elements. Additionally,
non-guaranteed elements used in calculating non-guaranteed
illustrated values at any future duration shall reflect any
planned changes, including any planned changes that may
occur after expiration of an initial guaranteed or bonus period;
9. In determining the non-guaranteed illustrated values
for a fixed indexed annuity, the index-based interest rate
and account value shall be calculated for three (3) different
scenarios: one (1) to reflect historical performance of the index
for the most recent ten (10) calendar years; one (1) to reflect the
historical performance of the index for the continuous period
of ten (10) calendar years out of the last twenty (20) calendar
years that would result in the least index value growth (the
“low scenario”); one (1) to reflect the historical performance of
the index for the continuous period of ten (10) calendar years
out of the last twenty (20) calendar years that would result
in the most index value growth (the “high scenario”). The
following requirements apply:
A. The most recent ten (10) calendar years and the last
twenty (20) calendar years are defined to end on the prior
December 31, except for illustrations prepared during the first
three (3) months of the year, for which the end date of the
calendar year period may be the December 31 prior to the last
full calendar year;
B. If any index utilized in determination of an account
value has not been in existence for at least ten (10) calendar
years, indexed returns for that index shall not be illustrated.
If the fixed indexed annuity provides an option to allocate
account value to more than one (1) indexed or fixed declared
rate account, and one (1) or more of those indexes has not been
in existence for at least ten (10) calendar years, the allocation to
such indexed account(s) shall be assumed to be zero;
C. If any index utilized in determination of an account
value has been in existence for at least ten (10) calendar years
but less than twenty (20) calendar years, the ten (10) calendar
year periods that define the low and high scenarios shall be
chosen from the exact number of years the index has been in
existence;
D. The non-guaranteed element(s), such as caps, spreads,
participation rates, or other interest crediting adjustments
used in calculating the non-guaranteed index-based interest
rate shall be no more favorable than the corresponding current
element(s);
E. If a fixed indexed annuity provides an option to
allocate the account value to more than one (1) indexed or fixed
declared rate account—
(I) The allocation used in the illustration shall be the
same for all three (3) scenarios; and
(II) The ten (10) calendar year periods resulting in the
least and greatest index growth periods shall be determined
independently for each indexed account option;
F. The geometric mean annual effective rate of the
account value growth over the ten (10) calendar year period
shall be shown for each scenario;
G. If the most recent ten (10) calendar year historical
period experience of the index is shorter than the number of
years needed to fulfill the requirement of subsection (4)(H), the
most recent ten (10) calendar year historical period experience
of the index shall be used for each subsequent ten (10) calendar
year period beyond the initial period for the purpose of
calculating the account value for the remaining years of the
illustration;
H. The low and high scenarios: 1) need not show surrender
values (if different than account values); 2) shall not extend
beyond ten (10) calendar years (and therefore are not subject to
the requirements of subsection (4)(H) beyond subparagraph (4)
(H)1.A.; and 3) may be shown on a separate page. A graphical
presentation shall also be included comparing the movement
of the account value over the ten (10) calendar year period for
the low scenario, the high scenario, and the most recent ten
(10) calendar year scenario; and
I. The low and high scenarios should reflect the irregular
nature of the index performance and should trigger every
type of adjustment to the index-based interest rate under the
contract. The effect of the adjustments should be clear; for
example, additional columns showing how the adjustment
applied may be included. If an adjustment to the index-based
interest rate is not triggered in the illustration (because no
historical values of the index in the required illustration range
would have triggered it), the illustration shall so state;
10. The guaranteed elements, if any, shall be shown
before corresponding non-guaranteed elements and shall be
specifically referred to on any page of an illustration that shows
or describes only the non-guaranteed elements (e.g., “see page
1 for guaranteed elements”);
11. The account or accumulation value of a contract, if
shown, shall be identified by the name this value is given in the
contract being illustrated and shown in close proximity to the
corresponding value available upon surrender;
12. The value available upon surrender shall be identified
by the name this value is given in the contract being
illustrated and shall be the amount available to the contract
owner in a lump sum after deduction of surrender charges,
bonus forfeitures, contract loans, contract loan interest, and
application of any market value adjustment, as applicable;
13. Illustrations may show contract benefits and values in
graphic or chart form in addition to the tabular form;
14. Any illustration of non-guaranteed elements shall be
accompanied by a statement indicating that—
A. The benefits and values are not guaranteed;
B. The assumptions on which they are based are subject
to change by the insurer; and
C. Actual results may be higher or lower;
15. Illustrations based on non-guaranteed credited interest
and non-guaranteed annuity income rates shall contain equally
prominent comparisons to guaranteed credited interest and
guaranteed annuity income rates, including any guaranteed
and non-guaranteed participation rates, caps, or spreads for
fixed indexed annuities;
16. The annuity income rate illustrated shall not be greater
than the current annuity income rate unless the contract
guarantees are in fact more favorable;
17. Illustrations shall be concise and easy to read;
18. Key terms shall be defined and then used consistently
throughout the illustration;
19. Illustrations shall not depict values beyond the
maximum annuitization age or date;
20. Annuitization benefits shall be based on contract
values that reflect surrender charges or any other adjustments,
if applicable; and
21. Illustrations shall show both annuity income rates per
one thousand dollars ($1000.00) and the dollar amounts of the
periodic income payable.
(G) An annuity illustration shall include a narrative summary
that includes the following unless there is provided at the same
time in a disclosure document:
1. A brief description of any contract features, riders or
options, guaranteed and/or nonguaranteed, shown in the basic
illustration and the impact each may have on the benefits and
values of the contract;
2. A brief description of any other optional benefits or
features that are selected, but not shown in the illustration and
the impact each has on the benefits and values of the contract;
3. Identification and a brief definition of column headings
and key terms used in the illustration;
4. A statement containing in substance the following:
A. For other than fixed indexed annuities—
(I) This illustration assumes the annuity’s current
nonguaranteed elements will not change. It is likely that they
will change and actual values will be higher or lower than
those in this illustration but will not be less than the minimum
guarantees;
(II) The values in this illustration are not guarantees
or even estimates of the amounts you can expect from your
annuity. Please review the entire Disclosure Document and
Buyer’s Guide provided with your Annuity Contract for more
detailed information;
B. For fixed indexed annuities—
(I) This illustration assumes the index will repeat
historical performance and that the annuity’s current nonguaranteed elements, such as caps, spreads, participation
rates, or other interest crediting adjustments, will not change.
It is likely that the index will not repeat historical performance,
the non-guaranteed elements will change, and actual values
will be higher or lower than those in this illustration but will
not be less than the minimum guarantees;
(II) The values in this illustration are not guarantees
or even estimates of the amounts you can expect from your
annuity. Please review the entire Disclosure Document and
Buyer’s Guide provided with your Annuity Contract for more
detailed information; and
5. Additional explanations as follows:
A. Minimum guarantees shall be clearly explained;
B. The effect on contract values of contract surrender
prior to maturity shall be explained;
C. Any conditions on the payment of bonuses shall be
explained;
D. For annuities sold as an IRA, qualified plan, or
in another arrangement subject to the required minimum
distribution (RMD) requirements of the Internal Revenue Code,
the effect of RMDs on the contract values shall be explained;
E. For annuities with recurring surrender charge
schedules, a clear and concise explanation of what
circumstances will cause the surrender charge to recur; and
F. A brief description of the types of annuity income
options available shall be explained, including:
(I) The earliest or only maturity date for annuitization
(as the term is defined in the contract);
(II) For contracts with an optional maturity date, the
periodic income amount for at least one (1) of the annuity
income options available based on the guaranteed rates in the
contract, at the later of age seventy (70) or ten (10) years after
issue, but in no case later than the maximum annuitization age
or date in the contract;
(III) For contracts with a fixed maturity date, the
periodic income amount for at least one (1) of the annuity
income options available, based on the guaranteed rates in the
contract at the fixed maturity date; and
(IV) The periodic income amount based on the
currently available periodic income rates for the annuity
income option in part (4)(G)5.F.(II) or part (4)(G)5.F.(III), if
desired.
(H) Following the narrative summary, an illustration shall
include a numeric summary which shall include at minimum,
numeric values at the following durations:
AND INSURANCE
1. (Reserved)
A. First ten (10) contract years; or
B. Surrender charge period if longer than ten (10) years,
including any renewal surrender charge period(s);
2. Every tenth contract year up to the later of thirty (30)
years or age seventy (70); and
3. (Reserved)
A. Required annuitization age; or
B. Required annuitization date.
(I) If the annuity contains a MVA, the following provisions
apply to the illustration:
1. The MVA shall be referred to as such throughout the
illustration;
2. The narrative shall include an explanation, in simple
terms, of the potential effect of the MVA on the value available
upon surrender;
3. The narrative shall include an explanation, in simple
terms, of the potential effect of the MVA on the death benefit;
4. A statement, containing in substance the following,
shall be included:
A. When you make a withdrawal the amount you
receive may be increased or decreased by a Market Value
Adjustment (MVA). If interest rates on which the MVA is based
go up after you buy your annuity, the MVA likely will decrease
the amount you receive. If interest rates go down, the MVA will
likely increase the amount you receive;
5. Illustrations shall describe both the upside and the
downside aspects of the contract features relating to the MVA;
6. The illustrative effect of the MVA shall be shown under
at least one (1) positive and one (1) negative scenario. This
demonstration shall appear on a separate page and be clearly
labeled that it is information demonstrating the potential
impact of a MVA;
7. Actual MVA floors and ceilings as listed in the contract
shall be illustrated; and
8. If the MVA has significant characteristics not addressed
by paragraphs (4)(I)1.–(4)(I)6., the effect of such characteristics
shall be shown in the illustration.
(J) A narrative summary for a fixed indexed annuity
illustration also shall include the following unless provided at
the same time in a disclosure document:
1. An explanation, in simple terms, of the elements used to
determine the index-based interest, including, but not limited
to, the following elements:
A. The Index(es) which will be used to determine the
index-based interest;
B. The Indexing Method – such as point-to-point, daily
averaging, monthly averaging;
C. The Index Term – the period over which indexedbased interest is calculated;
D. The Participation Rate, if applicable;
E. The Cap, if applicable; and
F. The Spread, if applicable;
2. The narrative shall include an explanation, in simple
terms, of how index-based interest is credited in the indexed
annuity;
3. The narrative shall include a brief description of the
frequency with which the company can re-set the elements
used to determine the index-based credits, including the
participation rate, the cap, and the spread, if applicable; and
4. If the product allows the contract holder to make
allocations to declared-rate segment, then the narrative shall
include a brief description of—
A. Any options to make allocations to a declared-rate
segment, both for new premiums and for transfers from the
indexed-based segments; and
B. Differences in guarantees applicable to the declaredrate segment and the indexed-based segments.
(K) A numeric summary for a fixed indexed annuity illustration
shall include, at a minimum, the following elements:
1. The assumed growth rate of the index in accordance
with paragraph (4)(F)9.;
2. The assumed values for the participation rate, cap, and
spread, if applicable; and
3. The assumed allocation between indexed-based
segments and declared-rate segment, if applicable, in
accordance with paragraph (4)(F)9.
(L) If the contract is issued other than as applied for, a
revised illustration conforming to the contract as issued
shall be sent with the contract, except that non-substantive
changes, including, but not limited to, changes in the amount
of expected initial or additional premiums and any changes in
amounts of exchanges pursuant to Section 1035 of the Internal
Revenue Code, rollovers or transfers, which do not alter the key
benefits and features of the annuity as applied for, will not
require a revised illustration unless requested by the applicant.
(M) Failure to comply with the requirements set forth in
section (4) of this rule shall constitute false information and/or
misrepresentations and false advertising of insurance policies
and/or misrepresentation in insurance applications as those
terms are used in section 375.936(4), (6), and (7), RSMo.
(5) Report to Contract Owners. For annuities in the payout
period that include non-guaranteed elements, and for deferred
annuities in the accumulation period, the insurer shall provide
each contract owner with a report, at least annually, on the
status of the contract that contains at least the following
information:
(A) The beginning and end date of the current report period;
(B) The accumulation and cash surrender value, if any, at the
end of the previous report period and at the end of the current
report period;
(C) The total amounts, if any, that have been credited,
charged to the contract value, or paid during the current report
period; and
(D) The amount of outstanding loans, if any, as of the end of
the current report period.
(E) Failure to comply with the requirements set forth in
section (5) of this rule shall constitute false information and/or
misrepresentations and false advertising of insurance policies
as those terms are used in section 375.936(4) and (6), RSMo.
(6) Separability. If any provision of this rule or its application
to any person or circumstance is for any reason held to be
invalid by any court of law, the remainder of the rule and its
application to other persons or circumstances shall not be
affected.
(7) Recordkeeping. Insurers or insurance producers shall
maintain, or be able to make available to the director, records
of the information collected from the consumer and other
information provided in the disclosure statement (including
illustrations) for not less than three (3) years after the contract
is delivered by the insurer. An insurer is permitted, but shall
not be required, to maintain documentation on behalf of an
insurance producer. Records required to be maintained by this
rule may be maintained in paper, photographic, microprocess,
magnetic, mechanical or electronic media, or by any process
that accurately reproduces the actual document.
APPENDIX A
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