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.